Major cities in Ontario have seen their average rent prices rise astronomically during the past year. As Toronto is still emerging from the COVID-19 pandemic and rising interest rates, renters are finding more competition that ever to secure a place to rent at an affordable rent. Combined with the influx of rental scams sweeping the country, renting in Toronto can be a difficult task for even the savviest tenants.
You always have the option to look for a rental on your own. However, listing websites have turned into a scam central. On the other hand, Real Estate Agents are requiring a deposit before you even get a showing booked, which Royal York Property Management suggests you never do. Matter of fact, Royal York says to never give a deposit, even if you are told that the realtor you work with is licensed or the person you are talking to owns the property, unless you are given a Rental Application Form to fill out with terms and conditions that protect both parties.
Check Royal York Property Management’s rental application form by clicking the link below;
How much will my rent cost?
According to the Toronto Real Estate Board, the official average monthly prices for rental apartments and condos at the end of 2021 were:
Bachelor apartment: $1,574 ($1,578 in central Toronto)
1-bedroom apartment: $1,970 ($1,985 in central Toronto)
2-bedroom apartment: $2,694 ($2,785 in central Toronto)
3-bedroom apartment: $3,578 ($3,792 in central Toronto)
You offer to lease, then lease
“We go through tens of thousands of applications a week and it is sad to say that when a prospective tenant goes through the process of having a showing booked, consulting with a Leasing Agent, filling out a Rental Application Form and is only required to put in a deposit before an Offer to Lease is sent to the landlord, seems “too good to be true.” – says Jonida Koci, Leasing Administrator for Royal York Property Management.
Royal York Property Management recommends that you Offer to Lease and make things clear, before you enter into a Lease Agreement.
We went through Royal York’s Offer to Lease Agreement and were surprised to see that there is a separate section under the Terms and Conditions for contingencies. Royal York recommends that your offer must ALWAYS be contingent upon a deep cleaning of all appliances and bathrooms and surface cleaning of all hard surfaces.
Have your funds ready – Use e-banking, cheques will delay your move-in process
To rent through Royal York Property Management or any other legitimate leasing companies or realtors, you will need to provide your first and last month’s rent. Royal York gives the option of E-Transfer, as it is easier to verify the payment and will not delay your move-in process.
Have your documents ready
Amongst other documents, you will be required an employment letter, which might take you months to get without notifying your Human Resources Department first. You will need to prove that you are employed or otherwise financially viable to rent in Toronto. Do not forget to gather your last 3 paystubs and bank statements as most companies and realtors will require them.
Be ready to make a quick decision
The Toronto rental market is uber-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. Unlike other leasing agencies or realtors, Royal York Property Management ensures that upon submitting a pre-payment towards last month’s rent of minimum $750 towards the last month’s rent, your offer is presented exclusively to the landlord on a first come first serve basis so that there is no bidding war.
If your offer is declined or there is no input from the landlord, Royal York Property Management will refund your prepayment immediately.
Don’t lie on your application
While it might be tempting to make yourself “look” like a better tenant, having a friendly relationship with your landlord will pay off in the long run.