If you are looking into renting a condo in Toronto and are ready to move, there are a few key things to know first. Most properties listed on realtor.ca and other listing websites are privately owned condominiums and homes. This means the property owner has hired a Realtor to market the property.
Before you get serious about renting a condo, you may want to hire your own Realtor to help you prepare the best possible rental application package and then set up a search that meets your requirements. Hiring a Realtor to represent you as a Tenant does not cost you anything and is a huge benefit.
- When working with a real estate agent, the Realtor represents YOU. However, if you work with the listing Realtor, they will 100% represent the Landlord.
- You need to be prepared in a competitive marketplace with your application package. This means an application form, job letter, or other proof of income along with a credit report and references.
- All landlords and tenants are governed in Ontario by the Residential Tenancy Act and managed by the Landlord and Tenant Board. Not sure what those rules are? You will see a summary of them when you sign the Ontario Standard form of Lease.
- Tenants have a lot of rights and rights come with responsibilities. You have the right to quiet enjoyment of your rental condo. However, when renting a condo, you must also ensure noise is kept down to allow your Neighbours the same. This is your home, treat it as if you own it. Major repairs are costly, but maintenance is much cheaper, develop a plan with your property owner dealing with the maintenance of the appliances and general structure.
- The rules under which a tenant rents a condo are plentiful. These rules not only include Laws and by-laws but condo rules as well. The property owner may have rules to be followed, ask for those before proceeding with a lease. One such rule may be to ensure you have tenant insurance.