Narcity spoke with Trish MacKenzie, a realtor, and Adam Hoffman, a real estate agent with Property.ca Inc., to find out what you need to know about renting in Toronto.
So, here are essential tips to help you find your next place to rent in Toronto.
Use a relator or real estate agent
You might think that realtors and real estate agents just help people buy and sell their homes.
But those real estate professionals also help people rent apartments, condos and houses.
MacKenzie said that renting is like "a long-term relationship" and you need to understand who's on the other side of the deal.
So, working with an agent to find a rental means you have an expert on your side to help you.
"We provide advice on the market, share our knowledge of the buildings and recognize both green and red flags when we begin to consider a potential property," MacKenzie said.
Realtors can help you find units, research potential properties, and guide you through the rental process right through to closing.
"Renting a property can also be a very invasive process," MacKenzie noted. "The application process requires tenants to provide their financial information to landlords with their offer, and it’s important to be protected legally when you share such intimate details of yourself."
Hoffman shared that working with a real estate professional has these benefits:
- reduced chance of losing your deposit to theft
- increased chance of safety
- access to a unique selection of places for rent
- expert guidance to increase the chances of approval by a rental provider
- potential suggestions of areas you might not have considered that turn out to be better for you
Be prepared
One of the biggest mistakes potential renters make is being unprepared.
That's why both MacKenzie and Hoffman have being prepared as one of their top tips for people looking to find an apartment in Toronto.
"The biggest mistake we see is lack of due diligence and getting swept up in a competitive landscape," MacKenzie said.
Being prepared includes knowing what a landlord is legally allowed to ask of you.
"There is a process and standard in Ontario for renting a property, and landlords are required to use the Ontario Standard Lease," MacKenzie explained.
"If a landlord is requiring you as a tenant to sign their own lease with extra rules like no pets, no guests or requiring extra fees/deposits, they are not following the law."
Hoffman recommended coming prepared for your rental search with the documents you need and the funds required to secure a unit.
Be flexible about neighbourhoods
It's not uncommon for people to have a preferred neighbourhood where they want to live.
Being flexible about neighbourhoods in Toronto can help you find an apartment to rent.
Hoffman noted that it's good to have options and know the advantages and disadvantages of neighbourhoods so "you can decide what's best for you."
"My biggest piece of advice for anyone searching for a new home is to understand the core needs you have, and to remain flexible on everything else," MacKenzie said.
Where you want to live can be a core need or it can be something you're flexible on.
"Location is often one of the biggest must-have requirements, and being flexible on nice-to-have details opens up more opportunities to consider," the realtor said.
It's common to start the search for somewhere to live broader than what you want and then figure out what you like and don't like.
Plan your move
Sometimes you don't have any control over when you need to move and find a new place to rent.
But if you're making the choice to move, planning the timing of it is an essential part of the process.
Hoffman said that there are better times of year to find rentals in Toronto.
Though it can vary from year to year, he noted that the late fall and early winter are when "renters have relatively more market power."
MacKenzie echoed those sentiments.
"We tend to see more movement in the warmer months versus the winter as a lot of people don’t want to move in the snow," she said.
In downtown Toronto, there is typically more activity in early summer and early fall because of the university school year.
That's when you'll experience "a lot of competition" in the city's rental market.
Avoid expensive areas of Toronto
It's still possible to find affordable rentals in Toronto, according to MacKenzie and Hoffman.
MacKenzie recommended "staying away from trendy areas where there is a premium due to how popular the neighbourhood is."
She said to look for pockets of the city that may not be as walkable to coffee shops and restaurants or are on the cusp of being up-and-coming areas.
Older buildings that are well-maintained but might not have all the amenities you expect — like shared laundry instead of an in-suite washer and dryer — can be great options.
"Tenants can find spaces that are less expensive with larger footprints and quiet communities," MacKenzie said.
MacKenzie's picks for affordable areas in Toronto? Scarborough Junction, Bathurst and Eglinton, and East York.
"They may not be new or flashy, but they are well-built and often come with a community of long-term tenants who take pride in their home," she said.
Hoffman's picks for (relatively) affordable places? Midtown and downtown.
"With the increased amount of new construction becoming available, surprisingly midtown and downtown have become relatively more affordable for select buildings... at least for now," he said.
Make a budget
"Because the market is so competitive and the cost of renting has increased so much, we will consistently see applicants forget their budget when they start negotiating," MacKenzie said.
So, making a budget and keeping it in mind when you're looking for somewhere to rent is important.
"You'll see tenants offering a full year of rent upfront or more, and it's easy to start to feel hopeless if you can't compete," she said. "Housing is a very emotional investment, and it's very easy to get carried away when you are desperate to secure a home."
Realtors like MacKenzie help clients see when it's time to walk away and when there is the risk of overpaying for a rental.
Also, they can advise you on realistic expectations for your budget, where to look for rental apartments or condos, and more.
Know how to spot a good apartment
If you're looking for a place to rent in Toronto, it's recommended that you know how to spot a good apartment or condo.
Here are a few things to keep an eye out for, according to MacKenzie:
- look for how clean the building is overall, not just the unit
- find out how secure the property is, including if there's an onsite concierge or security
- consider how easy is it to reach the landlord if there's an emergency
- look to see that the landlord is following rules set out by the Landlord Tenant Board
"Good landlords will often have a good process in place to keep a rental unit in good condition, have strong communication and follow the legal process for renting a property," MacKenzie said.
They shouldn't require a certain kind of person, discriminate against applicants, have rules like no pets or no guests, and so on.
Hoffman shared that knowing what's important to you as a renter can help "guide" you to what's a good rental for you.
Be patient
An essential part of the renting process is being patient because it could take a while.
MacKenzie said that it's typical to start looking for a rental six weeks before you want to or need to move.
"Many landlords, especially if their unit is vacant, want a tenant who can move in as soon as possible," she continued.
The realtor recommended having everything you need in order — like documents — and gaining knowledge about the rental market before you tour potential rental units to speed up the process.
But be sure to "keep expectations realistic" when searching, MacKenzie noted.
"Many renters that are flexible in requirements, prepared with funds, documents, strong profiles or 12 months of prepayment available immediately are often able to sign a contract in less than two weeks," Hoffman said.
"The farther from these, the less probable it becomes."
So, pack your patience because your hunt for the perfect apartment or condo could take a while!
This interview has been condensed and edited for clarity.
This article's cover image was used for illustrative purposes only.
