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Things to Consider when Renting

LOCATION

How close do you need to be to work, to school, to family, to entertainment? Sometimes an area may be desirable to you, but also an inconvenience when it comes to transportation. You must always consider things such as rush hour traffic, if you are a driver, and/or how close you are to public transport, if you are a commuter. Do you need specific shops nearby? If your condo does not have a fitness facility, is this something you would also like to be in proximity to? On site visitor parking is also important, some condos have very limited parking and some have paid parking. This is an important aspect to consider if you like to entertain guests frequently. If you have children, how close are schools? Are you seeking Public or Private Institutions? What about bus routes?

Be advised! Location greatly determines price. Generally, the closer you are to specific amenities, and major roads and highways – the more you can expect to pay per month on your lease. City central locations are also greatly desirable by others, if you find something you really like – act fast!

Know the neighbourhood! You will be living here for at least one year, so make sure you have the right information, especially if you are moving to a jurisdiction you are unfamiliar with. Our agents are very knowledgeable of the areas they are serving, so do not hesitate to ask them any and all questions you have!

RULES AND REGULATIONS

Landlords may have very specific rules about renting their condo. Some rules are determined by the Condominium Corporation itself. Two of the major ones are the allowance of pets, and the prohibition of smoking. ASK YOUR REALTOR! Under the Residential Tenancies Act, you have many protections. For one, you cannot be evicted for no reason before your lease is up. ASK YOUR REALTOR! What about altering the unit? Perhaps, the colour in the master bedroom of your desired condo is atrocious, and it is the only downfall of the unit. ASK YOUR REALTOR! Sometimes units are painted before the new leasee moves in, and some landlords are also flexible with allowing such changes after move in. Can I hang pictures on the walls? Again, make sure to get clearance from the landlord – one of your major responsibilities as a tenant, is to keep the unit in a damage free condition.

Other things to consider, if you love to entertain guests and are constantly throwing parties – this may get you into trouble. Being a disrespectful neighbour and tenant is a no no! Just remember that you are renting this unit, and at the end of your lease, you do have to return it in good condition.

CONTRACTS

Know what you are signing! Leasing contracts may appear very extensive, there is generally a lot of language within that may not easily be understood. BUT you must read through all of the fine print, even if you’ve leased prior – not all contracts are the same! You should be well informed of your responsibilities as a tenant, and what will be expected of your landlord. You can always disagree and renegotiate terms that you feel may need amendment. This is why renting with an agent is so valuable!

ADDITIONAL EXPENSES

Be prepared! When entering into a new lease, you will be required to pay your first and last up front – in certain situation several months rent may even be required. Ensure that the maintenance fee for the condo is included in your monthly rent, sometimes it is not and that will set you back a couple hundred dollars each month. Is hydro included? What about internet and tv? Is parking included, how many spots? These costs can make a big difference in your budget. If you are renting a townhouse/house unit, water heater rentals can also be an additional expense. Before you can even make an offer, you’ll need a credit score check – you can typically access this information for free but it can also come at a small cost, depending on what type of credit score the landlord would like to see. What about moving? Will friends and family be helping you, or will you need to hire someone? Will you need to rent a moving truck? Again, ASK YOUR REALTOR – they can definitely help advise you on the process, expected costs, and may even be able to refer you to a trusted moving company. Don’t forget, many landlords also require a deposit; this may be for the condition of the unit, the key and fobs, etc.

Know that we are here to help! Finding a condo to rent with us will come at NO COST to you, and we can make the process easier, less stressful, and much more enjoyable!

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Office Address:
Toronto Condo Rentals Online
8 Hornell St, Toronto, ON M8Z 1X2
Phone: 416-259-1298
Brokerage Information:
Queensway Real Estate Brokerage Inc.
8 Hornell Street, Toronto, ON M8Z 1X2
Tel: (416)-259-4000

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