8 Tips For Renting in Toronto
The rental market in Toronto and the surrounding GTA has been super hot over the recent past. Not only are buyers finding themselves competing fiercely for places to buy, but so are renters struggling to sift through the competition to find a rental unit.
But there are things you can do to put yourself in a stronger position to snag the perfect abode for you to call home. Consider the following tips for renting in Toronto.
1. Boost Your Credit Score
Not only does a good credit score help you get approved for a mortgage, but it could also play a role in your ability to secure an apartment. Sometimes landlords use credit scores to vet prospective tenants to see how likely they’ll be to keep up with rent. If your credit score is a bit on the low end, consider taking some time to give it a boost before applying for a lease. You can do this by making sure you pay all bills on time, keeping your credit card expenditures to no more than 30% of your credit limit, and avoiding applying for too many loans or credit products within a short period of time.
2. Inspect All Spaces of the Building
In addition to scoping out the apartment itself, it’s important to check out all other aspects of the building. Look at common areas to see how well they’re taken care of, such as the lobby, swimming pool, game room, party room, fitness room, or any other common element the building allows you to access.
3. Check Out the Neighbourhood
Pay close attention to the neighbours, both those who live in the building and those who live outside of it. Find out how noisy the complex is at all times of the day. A couple of hours both during the day and in the evening can give you just enough information to go on when it comes to what the neighbourhood is like and whether it suits your lifestyle.
4. Prepare All Required Documents
Your landlord is going to require a few documents to verify your identity and your risk level when it comes to paying rent on time every month. They may want to conduct a background check and credit check and require proof of employment and references. You’d be well-advised to collect these documents beforehand and have them ready for when the landlord needs them. This will show the landlord that you’re organized and responsible and could score you a few points, especially if the unit you’re looking to lease is in high demand.
5. Make Note of All Important Dates
Once you narrow down your lease options, pay attention to important dates, such as the actual move-in date, when rent is due, and so forth. And once you do move in, find out other key dates, such as when garbage pick-up takes place, resident meetings, and others.
6. Get Tenant Insurance
It’s not your responsibility to insure the unit, since you’re not the owner. Instead, that responsibility falls on the landlord’s lap. They will have an insurance policy on the structure of the unit. But when it comes to your personal possessions, that’s your responsibility to protect them.
In the event of a fire, theft, loss, or other situation that could put your belongings at risk, a tenant insurance policy can offer you protection. Tenant insurance is very affordable and shouldn’t cost you any more than a few dollars per month. But in the event something happens, that policy can go a long way at compensating you for your losses.
7. Know Your Rights
Most landlords are fair, but there are many that do not treat their tenants fairly. For instance, they may hike up rent too much and too soon, or require a substantial security deposit. It’s important for you to understand what your rights are as a renter in Ontario. That’s why you should take some time to review the Residential Tenancies Act, which outlines the rules that both landlords and tenants should follow. At the same time, understanding this Act will also keep you up to speed on what you can and can’t do as a tenant. With rights come responsibilities.
8. Use a Real Estate Agent
Finding a place to live is daunting when you’re on your own. But with the help of a seasoned real estate agent, you can increase the odds of finding the perfect place that meets your needs and budget. Agents are not just reserved for home purchases and sales; instead, their services are much more comprehensive and often involve helping clients find places to rent.
If you’re ready to find a new home to lease, get in touch with the April Williams Group today!