Renting a Condo Tips

Renting a condo is different than renting an apartment. First, you’re renting from the owner of the one condo, not a landlord that manages an entire building of apartments and doesn’t have time to get around to taking care of problems. All of the other differences are just icing on the cake, as explained below.

The best parts

One of the biggest perks of renting a condo over an apartment is that stuff simply gets done in a condo. In an apartment, it can be frustrating to have a landlord who doesn’t do repairs or get things done in a timely manner. In a condo, owners pay condo fees to ensure that problems are solved right away. Condos also have security, ensuite laundry, amenities and the overall buildings are in better condition.

How do I start?

Investors put rental condos on the market about a month before they want to have a tenant in them, on average. Unlike an apartment, where searching months in advance is a good thing, you won’t find what you’re looking for if you start looking for a rental condo too early.

You will also need some paperwork:

Credit report. You can get your credit report for about $15 at www.equifax.ca and you can also use this opportunity to check it for mistakes before you give it to the condo owner. You can also get your report free by mailing Equifax as per the instructions on the website.

Employment letter. A letter from your employer will need to state your salary and length of employment to prove you’ve got a stable income. If you’re self-employed, use your Notice of Assessments from the CRA (Revenue Canada).

Agreement to Lease. This is your offer. A realtor can help you draft this Agreement to Lease, as well as explain the process further.

You’ll need to have this paperwork ready to go. Condo rentals in Toronto can be extremely competitive because we have a low vacancy rate, which means more renters than condo rentals units available.

A realtor when renting?

Yes! Most people don’t realize that using a realtor when renting a condo is completely normal, and best of all – it’s free! The condo owner pays the realtor’s fees. The benefits of working with a SelectCondos realtor when renting include:

Assurance that your rental contract is fair and legally obligates the owner to be accountable for their actions and quality of service.

Realtors who knows Toronto condos inside and out. We’ve compiled a list of condos known to be reputable and in great condition, and can help steer you away from those that aren’t.

If you’re thinking about renting a condo and need more advice, let us know! We’d be happy to assist you in finding a great condo to rent in Toronto.

- Paul Stavro-Beauchamp &Robert Van Rhijn

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Welcome to SelectCondos.ca!
Robert Van Rhijn and Paul Stavro-Beauchamp
Toronto has just over 300 condos to serve the more than 2.5 million residents in its core -- but not all are equal... How do you know what to buy and what to avoid? SelectCondos is the only Toronto condo based website that weeds out the bad and mediocre condos. Here, condos must meet a strict criteria of livability and strong investment potential to be listed. How have we done this? Scroll down to see.
For more information, contact:
Paul Stavro-Beauchamp | Robert Van Rhijn
Slate Realty Inc.
51 Wolseley Street (Queen & Bathurst)
office: 416.720.8080
fax: 416.981.7608
cell: 416.818.0393 (Paul)
cell: 416.912.6445 (Robert)
paul@slaterealestate.ca
robert@slaterealestate.ca
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Criteria:
Our goal is simple: we want our clients to avoid condos that could pose problems down the road or become poor investments. That's why we've included only the most reputable Toronto condos and loft developments on this website. How are they qualified? Here are some of the criteria used:
· Safe & secure location
· High ratio of owners to renters
· Easily accessible -- well connected
· Award-winning developers
· Area that appeals to broad demographics
· Low "days on market" for sold properties
· Reasonable maintenance fees

Want to learn more about how we qualify condos? Click here, or feel free to read some of our articles. If you're looking for any assistance, contact us.