As Toronto home prices continue to soar, renting is becoming more and more popular. With home prices out of reach for many, including young professionals and young families with double incomes, renting Toronto condos or lofts is becoming a more feasible option for some people at this time. Not only are Toronto condos and lofts popular amongst young professionals and young families, they are also becoming very popular amongst the baby boomer generation who are looking to downsize from their larger homes and are looking to enjoy a more carefree lifestyle. With so many Toronto condos and lofts to choose from, it is very likely that you will find something that suits your tastes and requirements.
Below are Some Important Things to Consider When Looking for a Toronto Condo or Loft to Rent:
Does the unit come with a designated parking spot? Whether you require a parking spot or not, it is definitely beneficial to have your own parking spot. Having a designated parking spot provides a place for your guests to park if there are not visitor parking spaces available. You may also be able to rent out your parking spot.
Does the unit come with a locker? As you may know, Toronto condos and lofts tend to have limited storage space. It is always beneficial to have additional storage. Make sure you look into whether the unit comes with a private storage area.
Is there public transportation nearby? If you commute to and from work or you do not own a vehicle, it is important to determine if there is public transportation nearby and how often it runs.
Where is the closest grocery store and pharmacy? If you don’t own a vehicle, you will want to determine where the closest grocery store and pharmacy are. The last thing you want is to be dragging your groceries half way across the city or having to commute a long distance to get cold medicine when you are feeling under the weather.
What are other similar rental units renting for in the building? It is important that you have your real estate agent do some research regarding what other similar units have recently rented for. You do not want to end up spending more than you need to. Have your agent do the research in order to keep as much money in your pocket as possible.
Does the building have amenities? Make sure to check if the building includes amenities and if they are the type of amenities you require. It is often a good idea to view the amenities in person in order to ensure that they are well-maintained and appropriate for your intended use.
Common Questions and Answers for Future Toronto Condo and Loft Tenants:
Q: What does it cost to use a real estate agent to find a rental unit? A: The best part about using a licensed Toronto real estate agent is that it does not cost you anything. That’s right, $0.00 out of your pocket to have a professional complete all of the time consuming and in depth Toronto MLS searches, arrange showings for any units that interest you, walk you through the offer process and negotiate on your behalf while ensuring that your rights are fully protected throughout the entire process. You may be asking yourself “How does the agent get paid?” The answer to that question is that the landlord will typically pay a co-operating agent (the agent that brings the tenant) a commission.
Q: Am I responsible for paying the maintenance fees? A: No, the cost of the maintenance fees are the responsibility of the owner of the unit.
Q: What is a lease agreement? A: A lease agreement is the contract between the Tenant and the Landlord and includes all of the details and terms regarding the lease. This agreement will include the lease term (length of lease), the monthly rent and other important details.
Q: How long is a typical lease? A: A lease is usually for a 12 month period and then automatically renews on a monthly basis once the initial 12 month period comes to an end. Once the lease is on a monthly renewal cycle, you will be required to give at least 60 days notice before the least can be terminated.
Q: What will I need in order to apply as a tenant for a condo or loft? A: There are several different items that will be required of you, many of which are listed below. It is best to have all of these items in place before looking for a Toronto condo or loft to rent in order for you to be ready to submit your application once you find the right Toronto condo or loft for you:
DEPOSIT: You should have a deposit ready. The typical deposit is usually the first and last month’s rent.
CONFIRMATION OF EMPLOYMENT LETTER: Make sure to obtain a letter from your employer in order to prove that you are employed and have a steady income.
HAVE REFERRALS IN PLACE: You may want to ask for letters from people who are willing to refer you. Otherwise, you can simply notify them that someone may be contacting them to learn more about you. Make sure to only use referrals that have good things to say about you!
HAVE A RECENT CREDIT CHECK COMPLETED AND PRINTED: It is best to have a recent credit check available as most landlords will require it. You can obtain your person credit report from www.equifax.ca or www.transunion.ca
Q: What are some popular areas for Toronto condo and loft rentals?
A: There are many different neighbourhoods throughout Toronto that include a variety of different types of condos and lofts. From high-rise condos with spectacular views of Toronto to low-rise condos that are a small community within itself to rustic or modern lofts, Toronto has it all. Some of the popular areas for Toronto condos and lofts are listed below: