5 Simple Steps to Get You a Lease in Toronto
Real Estate Agents are Free!
When it comes to renting or leasing property in Toronto, many prospective tenants mistakenly think they will have to pay a Real Estate Agent. However, this is simply not the case! Real Estate Agents are free to the tenant, and instead, the landlord pays them. It is therefore wise to choose your Real Estate Agent carefully, as they can provide exclusive listings and other valuable information.
When looking for a Real Estate Agent, consider what to expect when renting in Toronto and use a comprehensive leasing guide such as this one for guidance. Working with one Real Estate Agent is much easier than trying to reach out to multiple people for assistance. They will help you throughout the entire process and be your primary point of contact with the landlord. So make sure to choose wisely, and you won’t have to pay anything extra for their services.
Research the area you want to live in
When you’re researching an area to live in Toronto, it’s important to know what to expect. To start, use the Leasing in Toronto Guide to help understand the local amenities and housing types available in each neighbourhood. When you have a good understanding of the area you would like to live in, you can begin to compare different neighbourhoods that suit your lifestyle. Make sure to look into the local schools, transportation options, shopping, and safety of the area. Renting in Toronto can be expensive, so make sure you look into the average rental rates for the area you are considering. This will ensure that you are getting a fair price for your rental property.
Documents needed to apply
When renting in Toronto, it is important to understand what to expect when you are completing the tenant application. The application will ask for personal information such as your name, address, phone number, and occupation. You will also need to provide proof of income and credit score. To successfully apply for a rental property, most landlords require that you have a credit score of 700 or higher. If you do not have a high enough credit score, you may need a guarantor or co-signer who meets the landlord’s requirements. If you are self-employed, you will need to provide proof of your annual income with a NOA (Notice of Assessment). When it comes to leasing in Toronto, having the right documents ready to present to the landlord is key. This guide will help you prepare for your tenancy application and increase your chances of being accepted.
Forms and Documents Required:
The Rental Application
Proof of employment/income
Credit Score AND Report - Equifax
Reference Letter - Previous landlord and employment
We submit your documents, along with the offer as one package to the landlord. We give them 24 hours to decide if they’d like to accept our offer or not. The reason for the 24 hours is we will need time to do reference checks and review all documents provided.
Preparing to move
Your Real Estate Agent should help you with this! You will need:
Drop off your deposit within 24 hours of acceptance
Set up utilities (if not included)
Arrange key pick-up
Register with the building