Most Torontonians have paid their dues when it comes to renting, from living in a dingy basement unit to a cramped apartment shared with one too many roommates.
Taking that next step on the real estate ladder when you’re renting means finding a unit that has all of the space, amenities, and finishes that you’ve been dreaming of.
Just like the buying and selling market, renting in this city can be tough. If you want to have a little piece of Toronto to call your own–without the commitment and financial strain of homeownership–here’s how to make it happen.
YOUR FINANCESAs a renter, you should establish a budget of how much you’d like to spend on rent per month. Remember that there are utilities and other amenities that may not be included in the price, like hydro, internet, cable, and laundry.
HOW TO PREPARERental units can be snatched up quickly, so be prepared to give a prospective landlord everything as soon as possible. That means having a letter of employment or proof of income, a recent copy of your credit score, and a reference from a past landlord before you begin your search.
YOUR SEARCHAbout a month before you’d like to start your new lease, you’ll start your home search. If you’re able to, explore the neighbourhoods that catch your eye to get a real feel for them. There are plenty of different styles of units to rent in Toronto, from a condo to a fully detached home to a rental unit within a detached home. Just like any home search, determining your needs and wants can help you pick out the style of rental that suits you best.
YOUR MOVEOnce you’ve found a unit you love and have successfully negotiated a lease, you will need to provide a certified cheque for first and last month’s rent. When it’s time to get your keys, you’ll also need to have your post dated cheques ready for the remainder of your agreed upon lease, if you won’t be paying by direct deposit. Additionally, you may be asked to leave a refundable key deposit. After that, it’s time to prepare for the move! Now’s the time to contact those movers, declutter, and set up a change of address for any mail or subscriptions you have.