The city of Toronto is breathtakingly beautiful, unique and exciting. However, the city is also notoriously expensive to live in, especially if you’re a renter.
The city is becoming extremely populated, housing approximately 2.8 million people. On a similar note, the Greater Toronto Area houses an astonishing 5.9 million people.
Due to the quantity of residents, the prices of Toronto condo rentals and apartments are on the rise. Thankfully, you don’t have to be a millionaire if you want to live in the Queen City — by following the tips mentioned below, you can save a substantial amount of money on your monthly rental expenses.
1 – Find a Reliable Roommate
Many people know that having one or more roommates can make renting noticeably easier and more cost-effective. However, while looking for a roommate, you shouldn’t go with the first candidate that you find. At least not without assessing at their credentials beforehand.
You should always look for roommates that have a steady source of income and a proven track record. Additionally, it’s a good idea to ask your potential roommates about their living habits.
Be sure to ask questions like:
- Are they messy or do they like a clean living space?
- Are they a morning person or a night owl?
- Is the person quiet or do they play loud music throughout the day?
2 – Use Technology to make Renting Easier and Faster
If you want to find the best selection of apartments and condos in the city, be matched with high quality property owners, and have the whole process done online, then you need to look for a word-class property management company.
These companies, often referred to as proptech in the industry, can help you find your dream living space with ease.
Once you’ve created your online renter profile, you’ll be able to apply to multiple listings in a matter of moments. These companies offer on-demand support and are happy to provide you with guidance throughout the application process.
Best of all, some of these companies offer their services at no cost to renters. This means that you’ll have more money to spend on your apartment or condo.
3 – Avoid Living Spaces Near Post-Secondary Schools
The city of Toronto is home to many colleges and universities. If you want to save money on your rental expenses, you should refrain from renting a living space that’s near one of these schools.
One of the main reasons why you should stay away from these spaces is that there is a large amount of competition. Eager students are constantly looking for living spaces that are closer to their campus. This means that if you don’t move quickly, you could potentially miss out on the property you’ve been eyeing.
Additionally, rental property owners that have properties near post-secondary schools know that they are sought after. This gives them the leverage to ask for a larger amount of monthly rent (in comparison to living spaces that are farther away from campus).
Anyone who’s lived in Toronto knows that it isn’t cheap. However, with the right mindset and little bit of research, you can save a hefty amount on your monthly rental expenses.