One of the main tasks after coming to a new city like Toronto is to find a house to live in. No matter if it is your first rental house or not, finding a proper Toronto condo to rent in the high-demand Toronto real estate market could be challenging. Certainly, renting a Toronto condo is a much more economical choice for newcomers.
But, before starting your search for finding your future Toronto home, there are many important factors that you should consider first. This article tries to walk you through all the possible steps and show you the most important tips for renting a Toronto condo as a tenant.
Estimate your budget
The first step for renting a Toronto condo is to calculate your budget. This will help you to figure out the size of a condo or where you can rent in the city. Then, you can decide which neighborhood of Toronto fits both your budget and needs. You must consider all the probable additional expenses first, because sometimes a condo may seem to be affordable, but in the end, it turns out to be over your budget.
If you are on a tight budget, you may even consider the proximity of the condo to work and daily commute along with maintenance costs and amenities.
Other Expenses
Check if the utilities are added to the monthly rental price or not. It may include water, electricity, heat, and air conditioning. Sometimes the landlord may include some or all of them as part of your rent. In some buildings, parking space will cost you extra. There is also internet and cable TV. Check all the expenses in advance!!
Why work with an agent to find a rental
Working with an agent can provide you with some seriously valuable benefits when finding a rental property in a competitive market. Some of these include access to exclusive local rental listings, the ability to rent before moving, and the advantage of working with someone experienced in the market.
A competitive edge
Finding a rental can be challenging in competitive markets, and it can take a lot of time and effort. Working with an agent can potentially reduce that effort.
The main advantage of working with a real estate agent to find a rental is their skills and the tools available to them. For example, agents have access to tools like the multiple listing service (MLS) to access listings quickly and easily. And agents are checking new listings constantly, allowing you to be one of the first to see any new rentals available.
They are also much more experienced in the field than the average renter. This can help interested renters find rental properties, understand leases, and negotiate terms with landlords. Real estate agents make the process go much smoother and give you a higher chance of finding a space to rent.
Renting before moving
Renting is hard enough when you have the time to go to showings and are familiar with the area, but if you plan on moving to a new city, you don’t always have these options. That is especially true if you are moving farther away. Trying to land a rental can be difficult and risky if you can’t easily see the units or have communication barriers due to timezones. Working with an agent can be a considerable advantage in this case.
An agent can be your representative on the ground. They can help you by recommending good areas to rent in and can take your needs in mind to help you find what works best for you. Agents will also be able to work closely with your landlords to help secure your lease, a beneficial trait as some landlords may be wary of working with an out-of-town tenant. It can take a lot of stress out of finding a rental remotely.
