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 typically put condos for rent on the market about a month before they want to have a tenant occupy 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.
If you choose to rent a condo on your own, it’s important you know your rights. Visit the landlord tenant board’s website to learn more.
Should I use 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 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.
For more information on our services, check out our sister site, Strata.ca.
– SelectCondos Team