Navigating the perilous waters of Toronto’s Condo Rentals

Navigating the perilous waters of Toronto’s Condo Rentals

It’s 60 days prior to the end of your current lease term and you decide you need to move, find a fresh start, improve on your current location. Queen and Ossington used to be the shiz but now with a bar popping up every two feet it’s just become overrun and noisy. You comb through the Now magazine but living with 10 other twenty something’s has lost its luster. Everything on Kijiji is already leased or the post is twenty years old.

It has to be a breeze finding a condo to rent within this city seeing that there are so many new buildings going up. And with so many domestic and foreign investors buying up these new condos I’m sure they are just dying for your rental application!

Surprise, vacancy rates in the GTA are at rock bottom according to the Canadian Housing and Mortgage Association. The vacancy rate is 1.6% and multiple applications are being offered to landlords to the point that prospective tenants are offering over the asking price.

Today’s tenant on the hunt for a rental has to be three steps ahead of the competition with the ability to strike quickly if the right place presents itself. Here is a list of the must haves in order to give yourself the edge when pulling the trigger and submitting that offer to lease.

  1. Credit report –Create yourself an account and print off your credit report.
  2. Letter of employment – Contact your HR department and ask then to prepare a letter of employment with the duration you worked and your current salary.
  3. References and Letter of Reference – As long as your current landlord isn’t crazy and a good relationship exists this is your best reference. Kindly ask your landlord to write you a brief letter. At the same time ask if they would be alright with you including their contact details on your current application. Your superior at work is also a great reference.

If you find the whole process too daunting or just don’t have the time to dig through rental listings why not hire a Realtor? They can tackle the majority of the leg work, prep most of the paperwork, and they have an up to date list of what is actually available. And the best part, the service is free. FREE!

Good luck out there.


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