It is not wrong to say that searching for a rental in Toronto is extremely difficult. Because the vacancy rate is low throughout the city, rent charges are high. However, even after this, living in a rental property is the best option for people.
In this article, we’ll discuss what the average apartment rent in Toronto is, as well as a few factors you would have to take care of as you’re renting a space in Toronto.
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Average Toronto Rent
As mentioned previously, the rates of rent in Toronto are extremely expensive. And according to report by Bullpen Research and Consulting and Rentals.ca, Toronto is considered as the most expensive place with the most one-bedroom rent prices in the entire country.
Let’s look at a few other statistics of this report. The report says that the rents for one-bedroom spaces in Canada increased 4.3 year-over-year last month. The average rent in Toronto for a single bedroom got to $2,299 last month. With two-bedroom spaces, it reached $2,914.
Due to the expensive rental situation in the country, the youngsters are now looking for less-expensive, walkable downtown spaces where they won’t have to pay or such expensive rents as well as commute.
Expensive rents are also the reason why many people decide to live in smaller spaces or even with their friends or roommates.
Things to Consider When Renting In Toronto
If you’re going to find a rental space in Toronto, here are a few things you should consider first.
Always Do Your Research
Perhaps you have a friend who always gives the best advice on everything or even a colleague you trust who tells you that you should get a rental space at a particular place.
However, we suggest that you do your research and decide what and where you want to rent because ultimately you would have to be mindful of your budget and expenses while paying rent.
Maybe renting a smaller space would be better for your finances, or you may want to rent a place with a bit of traffic but that has less cost each month.
Think About Your Needs
You need to be honest with yourself while answering a few questions, such as:
‘Does location matter for me?’
‘What amenities am I looking for?”
‘Does the size of the building/room matter to me?’
‘What am I willing to compromise on?’
‘What are the things I can’t compromise on?’
This is not an exhaustive list and you can add according to your situation, but it is enough to get you started.
When you become clear about your goals, requirements, and budget, it is only a matter of visiting properties and identifying your dream rental space.
You Can Work with A Realtor For Free
Yes, you can!
When landlords hire real estate agents for selling their houses or helping them get tenants, they pay for the services, not the tenants. Therefore, if you get in touch with a realtor to find you a rental space in Toronto, you can connect with great landlords through the realtor at absolutely no cost.
However, there is one caveat here: usually, the houses realtors suggest you are a little more expensive. This is the reason why the landlords work with realtors to get them reliable tenants. In case you want a property like downtown condos and are not worried about giving higher rents than other areas, this is a good option for you.
Analyse And Compare
This is where it gets interesting.
Even when you like a property, make sure you do enough research, and analyse other properties as well. Gauge your options according to your budget and need. You should consider the distance between the rental space and work or university. Compare these factors along with the price constraints, the neighbourhood, the amenities, and make a decision accordingly.
Do Your Assessment
In case there is a rental place you like, make sure that you do an assessment of it before moving in. Ask people how the management is. Ask if there are any mould or bug issues in the building. You can even find reviews and recommendations online as well.
Keep Your Documents in Place
There are a few documents that a landlord can ask for. These include your character references, proof of employment, and credit check. It is important that you have them ready and even have copies of them available. You must start the relationship with your landlord on the right foot. Not only will your landlord trust you, you will also be confident in knowing that you have all the documents ready just in case they ask for it.
Don’t Forget Tenant Insurance
Just like a landlord can insure their property, a tenant also has the right to have insurance on their belongings. This is for a tenant’s protection and security. In case there is a burglary or a catastrophe, you can claim the insurance.
If you’re looking for more information on tenant insurance, please visit: https://www.surex.com/insurance/tenant/toronto.
Wrapping Up
In this article, we discussed the average rent in Toronto for 1 bedroom. Moreover, we talked about a few things you need to consider before moving into a rental space.
We hope you found this article helpful and would use it as a guide to finding rental properties in Toronto.