Searching for Rentals in TO
10 Tips to Prepare You for Your Rental Search
Most Toronto rentals come on the market one or two months before they are available for rent (e.g., an apartment advertised on April 1 may not be vacant until June 1). If you are currently renting, keep in mind that you must give your current landlord 60 days’ notice before thinking of vacating.
One of the most important things about renting in Toronto is being prepared when you find your ideal place.
Make sure you have all your ducks in a row for when you find the right place. Be prepared to jump on a rental by:
Having your deposit ready
To rent an apartment in Toronto, you’ll need to provide first and last month’s rent, and most landlords will require it to be a certified cheque or bank draft.
Prepare your references
Any good landlord will check your references before agreeing to rent their unit to you. Don’t forget to provide direct numbers for easy reference checking!
Get a confirmation of employment letter
You’ll need to prove that you’re employed or otherwise financially capable of renting in Toronto. And don’t forget to make copies in case you don’t get the first place you apply for.
General requirements
It’s likely that the landlord will want to see at least two months of paystubs, a letter of employment, and in some cases your bank statements and the previous year’s income tax return.
Do a credit check on yourself and have it ready to provide to a prospective landlord
Most landlords will require a credit check. You can order one online at Equifax for $23.95 (or order one via mail for free – it just takes longer)
Some other tips to keep in mind when looking to rent include:
Scope out Toronto neighbourhoods
You’ll be here for at least 12 months, so there’s no doubt that your neighbourhood will affect your quality of life. You can check out our Guide to Toronto Neighbourhoods for the scoop on downtown locales.
Be flexible and willing to compromise.
It’s not easy or cheap to find rentals in Toronto. Keep an open mind and be prepared to make compromises. It is unlikely to get the big three: location, size, and cheap rent.
Be ready to make a quick decision.
The Toronto rental market is super competitive. If you find a place you like, realize that if you ‘take the night to think about it’, it’ll probably be gone tomorrow.
Do not lie on your application.
Viewit.ca is a great website with high integrity compared to free classified sites. They also post listings with a lot of photos, giving you an accurate idea of what the place looks like. Landlords pay to advertise on Viewit.ca (thus reducing the chances of being scammed). Another credible website is Pad Mapper.
Your income requirements.
Your gross monthly household income must equal three (3) times the stated monthly rent. If monthly income does not equal three (3) times the stated monthly rent, a qualified co-signer will be required.
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Apply to Westhaven Toronto Rentals today!