Toronto has a lot to offer its residents, such as employment opportunities, good public transport, highly rated schools, colleges, and universities, top-of-the-line amenities, entertainment venues, exotic eateries, and multiculturalism.
Because of these factors, Toronto is growing faster than any other city in Canada, and the resulting demand for housing has caused rental vacancy rates to drop to historically low levels.
While it can be challenging for tenants to find a home in the city, it’s not impossible. Landlords receive many applications and have the luxury of looking for reliable renters. As a prospective tenant, you can set yourself apart from other applicants by following these tips:
#1 Get Professional Help
You can improve your chances of finding a place to rent in the city by seeking professional help. It’s important to use the services of a Toronto rental agency that’s experienced, uses a proven formula, and won’t waste your time, instead of an inexperienced real estate agent who is too busy juggling multiple clients to understand your needs and is more interested in collecting their cut. Remember, it costs nothing to use such an agency’s services as a renter, so stack the odds in your favour.
#2 Do Your Research
Before you start sending applications, do your research. Center on areas where you’d like to live and check the rental rates. Match this with your income. It’s recommended that you budget 30 percent of your earnings for rent. If the rent is more than 30% of your income, then your application may be rejected.
Many properties include some or all utilities such as gas, water, electricity, internet, and more. Read the details of a listing carefully before making an offer. A home with higher rent that includes all utilities could be more cost-effective than a cheaper home where you’re responsible for paying more bills.
#3 Have Your Documents in Order
Due to the fast-paced nature of the city’s rental market, it’s vital to have your documents ready. This is especially true nearer to the city’s core, where renters are closer to businesses and can avoid the cost of vehicle ownership.
It’s not unusual for high-demand rental properties to field multiple applicants at once. To avoid vacancy, usually, a landlord selects the first good candidate who submits all their paperwork. Have as many of the following documents ready when you start looking for a place to rent:
- A credit report from Equifax
- Character letters from professionals unrelated to you
- Reference letters from previous landlords that support your candidacy as a reliable renter
- A job letter from your employer that verifies your employment
- A photo ID
If you lack a rental history or if your credit report is less than ideal, then don’t panic. You can improve your candidacy by offering a co-signer or a personal letter explaining your situation. Alternatively, consider renting with a roommate until you can rebuild your credit. And if you’re self-employed, then you may need to prove your income with bank statements or a Statement of Business Activities.
These three tips can help you find a place to live in Toronto. By staying organized, vigilant, and using a little professional help, you can establish yourself as an excellent candidate.