Ontario provides a diverse spectrum of choices when it comes to renting a living space. Starting from condominiums to apartments, there are various options in numerous neighborhoods. The rich culture and friendly nature of Canadians make living in Toronto peaceful and safe. Although the experience is comfortable and home-like, the apartments are pretty pricey.
Proceeding to rent an apartment in Toronto without precise knowledge can leave you stuck in a non-profitable deal. You also run the risk of falling into a fraudulent scheme.
Surex provides experts who will guide you to the right options and take care of all your quarries till you are set up in a beautiful apartment in the heart of Toronto — there is lots of important information that you should know before starting your apartment search.
Finding a Rental Apartment In Toronto
The first step to renting out an apartment is to find one. You can do this by yourself or with the help of a rental real estate agent.
A rental real estate agent is the best choice for most people, and a good agent will provide the best options for your budget. They will connect you with the apartment landlords and help you break a deal with them, for which they will charge a fee.
Know Your Market Price
Knowing the current market price of apartment rentals is extremely important. Without this information, it is very easy to fall prey to an over-priced rental deal or be a victim of an ugly scam.
The rental market prices of various apartments are:
- A one-bedroom apartment in the center of the city might cost approximately $1,900.
- If you are looking for a cheaper option, you can choose one away from the city’s center. In that case, you would have to shell out around $1,600.
- A two bedroom apartment in the heart of Toronto would cost you almost $3,300.
- However, the same apartment would be available for $2,600, away from the center.
Note: Prices may vary in due course of time due to inflation/deflation.
Crucial Know-Hows
Many important factors play a vital role in the process of renting an apartment.
Rental Agreement
This is the official agreement between the tenant and the landlord and is also called a lease. This consists of the duration of time the landlord is willing to rent the apartment to the tenant in return for an amount charged every month until the tenure lapses.
It also consists of many other mutual agreements regarding use of several facilities, recreational choices, pets, and many more. In case of any dispute, the lease will resolve the matter in the Canadian court of law.
Security Deposit
Sometimes, a security deposit is required to pre-book an apartment. This amount is usually equal to a month’s rental charge, but sometimes the price can exceed that as well.
It is always advisable to pay the security deposit after you see the apartment, meet the landlord and make a legal agreement. Paying the amount before any of the above isn’t a wise decision.
Tenant Rights
According to Ontario’s Residential Tenancies Act, tenants have a right in several situations. Some are as follows:
- Landlords do not have the right to evict a tenant if they have a pet unless such an eviction agreement is specially written in the legal agreement, which both of them have agreed and signed upon. However, a landlord can refuse to give his apartment for rent to them if they have a pet when they first arrive.
- Landlords can only increase their rental charges every 12 months in strict accordance with the Consumer Price Index of that year.
- The landlord cannot evict a tenant if he sells off his apartment. According to the lease, the contract will transfer to the new landlord of that apartment. However, if the tenant is on a monthly contract, they could be alerted to vacate the unit before 60 days.
- A tenant can leave the apartment before the agreement expires or substitute some other person in place of them until the agreement lapses. The new person will have to follow every rule and regulation of the contract, and the previous tenant will be responsible for any mishap or disputes.
A Few Key Pieces of Advice
You’ve probably asked yourself questions like, “ what do you need to rent an apartment for the first time in big cities like Toronto?”. You can use of the following tips and tricks to find success swiftly:
- It is best to focus on a few selected neighborhoods of choice than to search all over Toronto.
- Get every type of detail and deal in writing to avoid any kind of scams.
- Measuring existing furniture will prove to be quite helpful when checking out the new apartment’s interiors.
- Key priorities (if any) should be listed beforehand so that you can filter out your apartment hunts.
- Researching the background of the apartment is crucial. You can read reviews on the internet and ask the neighbors or a nearby friend.
- Checking every amenity in the apartment is a must in front of the landlord so that any dysfunctions can be instantly pointed out.
- Last but not least, winter is a great time of the year to move into an apartment in Toronto because the prices are low at that time of the year.
Beware Of Fraudsters
There are limitless fraudsters out there who are waiting to scam you of your hard-earned money. However, these problems can be easily avoided. You just need to look for a few key indicators.
Some of these red flags are:
- If any advertisement showcases pictures of a property and it turns out to be very different when you see it in person, it is probably a scam.
- If any landlord offers a cheaper rental charge than the usual market price, does no background check on you, and asks to pay a security charge before any formal lease occurs.
- If an agent provides a website, which asks for confidential financial information, you need to be alert.
How to Rent First Apartment in Toronto With Ease
Toronto is a beautiful city to reside in. The people are warm, the culture is rich, and the weather is amazing. Finding and renting your perfect apartment in your favourite neighborhood will be relatively easy if you can follow the guidelines properly and keep all your senses sharp.
It always pays off to consult a professional if you are new to the city. After all, you would not want to squander your dream of a home.
