Finding A Rental In Toronto’s Competitive Market. It can be stressful to find a rental in Toronto’s highly competitive market. Your search can overwhelming due to higher rent prices, increased competition and limited market information.
No worries! This article will help to understand Toronto’s rental market. This article will also give you tips for how to secure the perfect rental.
“The high inflation rate and high rental demand are driving Toronto’s highly competitive rental market.”
Buyers are choosing to rent rather than buy due to the high mortgage rates. A large number of renters, who used to live in the ‘burbs with their parents during the peak of Covid, are now looking for their own place. 🙂
These are the factors that will make your rental “win”.
Let’s get started…
What can you expect from today’s highly competitive Toronto rental market?
- Multiple applications for a property
- Rents newly listed in 3-10 days
- Agents requesting “best and last rent offers”
- Property owners are more selective
- Multiple applicants are a concern for property owners
8 Tips for Success
- Know your credit score. Yes! Your Credit Score is very important when renting property. A credit score of 650 or more is acceptable. 700 or more is excellent. You must have a co-signer who is qualified and willing to support you if your credit score is lower than 700. Credit scores are important to owners!
- Act Fast. Don’t waste time looking at properties if you already have the one that you love. There is likely to not be a better property. You have a better chance of getting your application in early and getting your agent to talk to the owner.
- Be flexible with the move-in date. The owner would prefer a tenant who can begin paying rent sooner than later if the property is not available immediately. Be flexible when negotiating a move-in date earlier.
- Increase your rent offer. With so many applicants for a rental property, it might be worth it to increase the rental price by $100-$500. It may be worthwhile to rent out more if you are interested in the unit, but only for a year. The rent includes basic cable, gas, and parking.
- You might consider extending the lease term. Some landlords prefer to not have to rent every year, and they want a long-term tenant. You can offer a 2-year lease.
- Look at ALL options. A 1 bed +den might work if you need a 2 bedroom/ 2 bath home. The floor plan will determine the layout. Do not get too attached to the square footage. You need to be physically present in the space and feel the layout. There are many options for 800 square feet.
- Be open to different neighborhoods. Toronto has many wonderful and diverse Neighborhoods. Be open to different neighborhoods. Flexibility is a virtue in a competitive marketplace. Best Toronto Properties provides information about all Toronto neighborhoods. We serve all of them.
Click here to discover Toronto neighborhoods
Team Arora is available to help you with your Toronto rental needs.
Our top tip…
It doesn’t matter if you are moving from overseas, another country, or another Toronto area, it is best to contact a local agent who can help.
A local expert will be your secret weapon!
Your agent will help you set up your search, send you new listings immediately and schedule showings.
They will also have trusting relationships with local agents. These relationships can help you locate an off-market rental. They can also give you an edge when bidding.
They can also arrange virtual tours for you if they are out of town. They will also advocate for you and the owner’s agent, organize the lease, and help you get settled in your new home. After the lease has been signed, the landlord, apartment complex or listing broker will pay the renter’s agent. You have nothing to lose and everything to gain.
You might not know if it is better to rent or buy after reading this article. You’re not the only one!
Click here to find out if renting or buying is the best option for you.
We hope you found this article helpful in finding the right rental for Toronto’s highly competitive market. Search for rentals here, or contact to help you find the perfect Toronto rental.