When you’re looking for a rental property for the first time, it can feel a bit overwhelming. It's beneficial to break the process down into a few straighforwrd steps.
Determine your price range
Our recommended rule of thumb is not exceed 1/3 of your monthly take-home income. This should be a comfortable guideline for your rent payments.
You’ll need to put down a "First & Last" deposit, (equal to 2 months' rent). Moving fees and the transfer of new utilities are among other expenses to consider.
Check your credit
Landlords will require your credit report when you apply to rent their property. We suggest you obtain the report in advance in order to expedite the process. Equifax is one such service that provides your credit report for a small fee.
Proof of employment/income
Landlords will also require proof of employment/income. We suggest a letter from HR and 2 current pay stubs (or tax assessments for the freelancers) be obtained and submitted along with the lease application.
We also encourage a cover letter be written introducing yourself, your particular interest in the property and your enthusiasm regarding the unit/house/area.
Settle on a neighborhood
The best way to decide on a neighbourhood is to spend time visiting the various areas that appeal to you in advance. Ask friends who already live in the neighbourhood what they think. Another thing to consider is affordability. To determine the cost of a neighbourhood, go online to see what an average 1- or 2-bedroom runs. A good rule of thumb is that at least a third of the listings in your neighbourhood of choice should be within your budget. If it’s any fewer than that, you’re going to have limited options.
We will search with you, and provide access to, MLS listings that match your needs and wants. We will co-create a shortlist of viable properties and meet you for private viewings on site.
Put in an application
Once you find a great place, we will collect all the necessary documents, assist you in filling out the rental application/offer, and submit the paperwork.
Sign the lease
Your lease is a contract - we will ensure you understand it and answer any questions you may have. Tenants have rights established by the Landlord and Tenant Act. We will provide you with this document so you are aware of the rights and obligations of tenants and landlords in Ontario.
Call the utility companies at least a week in advance, so you have a buffer in case you need to schedule an appointment. Other things to think about: You will have to prove to your landlord that you have obtained renter's insurance prior to moving in, you may need to register for street parking permits, and remember to change your driver’s license!