Below is a list of items you need to have prepared before we begin the process.
Toronto Condo Rental Information
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Below is a checklist of important information and documentation required when submitting an offer to lease.
Given the high demand for rentals in Toronto, once available on the market, most suites are usually leased quickly and it is very important to have the following documentation prepared prior to starting your search.
Although the documentation listed below is required and must be provided by prospective Tenants and their Guarantors/Indemnifiers. There are exceptions to those requirements with certain applications, so please feel free to contact me regarding your situation and I will suggest a path forward.
In the Toronto rental market, there is typically a minimum 1 year lease term, unless otherwise specified.
A full and current credit report with score is manditory with every application. Credit reports that are a month or more old are considered out of date. To purchase or order your current credit report, please visit Equifax or Transunion websites and follow their prompts.
Current Letter of Employment
A current letter of employment, no older than one monthis mandatory in most cases. If your job is new, you will be required to provide an acceptance letter and/or signed full contract
Although not required with every rental application, be prepared with your more recent two paystubs.
Reference letters and contacts can be from your employer, past landlords, colleagues and friends are preferred.
Photo ID / Social Insurance Number
One piece of government issued photo ID and your Social iInsurance Number (SIN) are required with all applications.Valid Drivers Licenses, Passports, Ontario Photo ID cards and Canadian Perminenant Residency cards are all acceptable.
A deposit consisting of the first and last month’s rent is required with every offer to lease. This deposit should be provided in certified cheque or bank draft form and within 24 hours of an acceptance.
Other Possible Deposits
Additional refundable deposits may be requested by the Landlord, such as for keys and FOBs. Being refundable deposits, you are entitled to be refunded the deposit upon return of keys and/or FOBs in workable condition.
Tenant Liability Insurance
It is mandatory with all leases that Tenant’s purchase contents and liability insurance through their bank or local insurance provider. A typical tenants insurance premium will cost between $120-$280 and proof of purchase must be provided prior to key exchange.
Other Costs Associated with a Rental
Other costs associated with a rental may include various utility accounts (Hydro, Water and Gas) and is dependant on the building you are moving into.
What to expect.
Before embarking on your search for a condo rental in Central and Downtown Toronto it is important to align your expectations with the marketplace. Below is a breakdown of what the Downtown markets have to offer:
Bachelors starting at:
$1300 per month
One Bedrooms starting at:
$1400 per month
Two Bedrooms starting at:
$1950 per month
Three + Bedrooms starting at:
$1750 per month
*Please note that prices may not include the various utilities, locker and parking that are provided at additional cost.
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