My Account

How To Win A RENTAL Bidding War in Toronto

Winning a rental bidding war in a hot market can be extremely hard. In fact, just renting anything in Toronto can seem impossible. We surveyed top rental real estate agents, and these are their top tricks of the trade on how to win a rental bidding war.

 1. Be prepared

Hiring a Realtor® is a good place to start when beginning your rental search. A Realtor will know what paperwork you will need to get to be competitive and move quickly. Toronto property owners often require credit cheques, proof of income, application forms, and references. A Realtor can help you have all this ready before you even walk in the door.

2. Do your homework

Knowing exactly what you want before you start your search can help speed things along immensely. Completing a needs assessment can include;

• Where do you want/need to live?

 • What is your budget ?

• What condo amenities do you need, such as parking, building facilities, and proximity to transit? 

3. Review listings online 

Ensure you have reviewed the condo listing and property details before going to see it. If a condo has limited closet space and that is an important feature to you, skip seeing that property. If the location is too far for your life, skip seeing that property. If the property does not have parking - wait, sometimes you can pick a great suite without parking and rent parking from another resident in the building or at a parking location close by. Plan to see about 3 - 5 suites in your top 2 or 3 buildings. It’s a good idea to visit those locations prior to seeing suites. 

4. Consider a Sight-Unseen Offer

If the type of condo you want is going too quickly, consider a virtual visit or immediate offer. With a rental you only commit for One (1) year, so get something while you can. 

5. Guarantor & Occupants

A guarantor, if required, will be someone who lives close by and would be willing to sign the lease alongside, or instead of you. A landlord may suggest this if you do not have enough employment history, your income is low, or your credit is lacking. A guarantor will need to provide all the same information about themselves, as you, the tenant. 

Some Bonus Tips from Top Rental Agents: 

- Consider offering additional months' rent which can be applied to the end of the lease. The landlord cannot ask for this, however, you can offer.

 - Always put the strongest applicant first on the application form. This would be considered the primary tenant. If you have a roommate, this would be the one point of contact for the landlord. It will make the landlord’s life easier and that may help them pick you as their new tenant.

RE/MAX Condos Plus Corp. Brokerage
45 Harbour Sq. Toronto, ON M5J 2G4

© Copyright 2022 - Condo Digs - All Rights Reserved | Sitemap

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram