The Toronto Rental market is like Hunger games right now. If you’re looking to lease a property in Toronto, there are several factors to consider, including working with a realtor, researching your preferred area, gathering the required documents, submitting your offer, and preparing for your move.
Working with a Realtor
Contrary to popular belief, working with a realtor is free of charge. The landlord pays the realtor’s commission. It’s advisable to choose one realtor and establish a good working relationship to make the process smoother. The realtor has access to the MLS listings, and some may have exclusive or off market listings, making it easier to find a suitable property. Check out the guide on how to choose a realtor in Toronto.
Researching Your Preferred Area
Take time to explore the area you want to live in and determine why it suits your needs. If you’re unsure, consult your realtor, who should have extensive knowledge about the different neighborhoods in Toronto.
Gathering the Required Documents
Having the right documents is crucial when applying for a rental property. You’ll need the following:
- Filled Rental Application
- Photo identification
- Letter of employment
- Two most recent pay stubs
- Equifax or Transunion credit report AND score
A credit score of 700 or higher is preferable, but some landlords may be flexible. Self-employed applicants require a Notice of Assessment (NOA) showing their yearly income. If you need a guarantor, they’ll need to provide the same documents.
Submitting Your Offer
Your realtor will submit your offer along with the necessary documents to the landlord, who usually has 24 hours to decide whether to accept the offer. The waiting period allows for reference checks to be conducted.
Preparing for Your Move
After your offer is accepted (Congrats!), you’ll need to do the following:
- Drop off your deposit within 24 hours of acceptance.
- Set up utilities if they’re not included.
- Get Tenant Insurance.
- Book the elevator.
- Arrange key pick up.
- Register with the building.
Follow this guide to make the process smoother and less stressful. Sometimes it takes more than just the documents in order to get our offer accepted. A well informed Realtor like Gagan Verma can help you secure a good property in a hot Toronto Rental Market.