Tenant Resource Guide
What to Rent
Everyones needs are different. Fortunately, in our marketplace there is something for everyone. There are three primary types of rentals: a house, a condominium (condo) or an apartment. Read the descriptions below to see which one would be best for you.
Houses offer a great opportunity for people looking for a high level of independence. House often have features you can’t find in an apartment of condominium building like outdoor space and residential locations.
Condos offer a unique living experience. With a city like Toronto there are many condo options. The units are often owned by investors and are self-managed or managed by a property manager. These buildings often offer lots of amenities like gyms, party rooms, pools, concierge and security. Downtown is very compact so finding a condo close to the subway is not hard.
Apartment Buildings are owned and managed by one company [instead of individual owners]. These buildings are not as popular as they once were but with rents increasing rapidly we are seeing more new construction.
Where to look
Picking a place to start your search can be overwhelming. You came to the right place to get informed! There are more websites than I can count that offer lease listings. That being said, it’s hard to know that you’re not being taken advantage of. After all these rentals are a lot of money and it helps to work with someone you can trust. So what are your options?
Search the web yourself, find a nice place, book an appointment, complete the all the paperwork, organize your deposit, get your rental insurance, set up your hydro and hope you did everything right and it all works out. Pro Tip: there a lot of scams taking place online. If something seems too good to be true it probably is.
Contact a realtor, take some off the burden of yourself. Granted, they can’t do all of this for you they can give you the confidence that you’re doing it right.
When to Look
Landlords will often try to secure a new tenant 1 to 2 months before the previous tenant moves out to reduce vacancy. With that in mind there are units with immediate possession. So consider starting your search 1 to 2 months before you want to be moved in.
How much
There are lots of resources available to find rental data. Since the data is always changing it’s important to speak to someone who has a good understanding of the current market.
The Lease Agreement
Recently in Ontario the provincial government has introduced a new lease agreement. They call it the it “The Ontario Standard Form of Lease”. In order to formalize a lease in Ontario every Landlord needs this document signed. It is generally expected that the Landlord or the Landlord’s representative will complete this document and submit it to you for signing.
How an Agent Can Help You
The right real estate sales representative will posses valuable market knowledge such market rents, average price per square foot and what to expect from your landlord or tenant. They will also have access to resources like exclusive properties, networks of prospective clients, contracts and market data. Most importantly, they have experience in the market place and can you help walk you through the process and help you reach your goals.
Landlord and Tenant Board (Your Rights)
Landlords will often try and take advantage of a lack of knowledge of the Tenancy Act. An agent can help protect you from Mal-intentioned landlords and ensure you don’t get taken advantage of. Some of the most common issues are: pets, rental increases, unfair eviction, short notice visits, etc…
Pro of renting
Renting offers some neat advantages that can’t be achieved through home ownership. It allows you to create security without the liability of a mortgage. Renting allows you to stay nimble and reduce your financial commitments. Renting also has a relatively low level of responsibility compared to home ownership. It will depend on the terms of your lease agreement but the landlord is often responsible for the maintenance of your property.
How much will your services cost?
It depends on what services you require. If you are looking to rent a property you will not need to pay commission as the the landlord will pay both commissions. If you are looking to put your unit for rent the industry standard is one months rent in commission. Half to the listing agent half to the buying agent. Exceptions will apply**
Getting Started
There are a few things you should know about the process before getting started that will help make your transaction run more smoothly.
When you submit an offer to lease there are a few documents you should have ready before you begin looking at properties:
A letter of employment. Your letter of employment should outline your annual or monthly salary and contact information for your employer so the information can be verified.
A Credit Report. Landlords like to see your credit report so they can determine if you’ll pay on time or pay at all. You can get a credit report from consumer.equifax.ca or transunion.ca
Identification. Landlords like to know who they’re going into business with and often ask for a copy of your ID. Please reference the client work sheet more information.
Deposit. If you already have your budget in mind it would be to your benefit to get your deposit money into an account where it is easily accessible. Deposit are typically 2 months of rent but can be as much 3-12. A larger deposit will give your landlord confidence and indicate to them your are committed to your lease. Your deposit check need to but submitted to the brokerage with 24 hours of an accepted offer.
The Search
Now that you have all the documents and resources you need we can begin the search for a suitable property. I will send you a an invite to Collaborate. Collaborate is a system that allows you and I to search properties land share properties with each other. I ask that you pick your top 5 favourite properties and then we can arrange a time to see them.
Once a suitable property has been found and you are ready to submit an offer we’ll need to complete the appropriate documents. I begin with documents that relate to you and I and then proceed with documents relating to the property and the
Working with a Realtor. Is a document that outlines our professional relationship. Once signed, I must protect your best interest and do what is best for you. I and my brokerage must make reasonable effort to determine any material facts relating to the transaction that might be of interest and disclose them to you.
Buyer Representation Agreement. Similar to “Working with a Realtor” the Buyer Representation agreement outlines the details of our professional relationship. However, it is focused on the details such as: definitions, commission, representation, etc…
Confirmation of Cooperation and Representation. The confirmation of cooperation and representation is a document that outlines the details my relationship with you as well as the relationship between the cooperating agent and their client.Agreement to Lease. The agreement to lease likely the most important of all the contracts. It lays out the framework for your lease and contains all the critical information such as: tenants, rent amount, deposit, amenities, heat & AC, etc…
Offer Summary Document. The offer summary document is exactly what it sounds like. A one page document outlining the details of our offer.
Docusign
Because these contracts require a lot of paper I try to do as much as I can online. DocuSign is a website that allows us to securely share, sign and initial documents electronically. Not to mention I’m sure you are busy and cannot always drop what you’re doing to sign a contract. Docusign is flexible and you can use it from anywhere there is internet.
By now, you’ve submitted an offer and it was accepted! AMAZING! But the work isn’t over just yet. There are a few things you still need to do before you move in.
Insurance. You and your possessions will not be covered by your landlords insurance. Which is why it is imperative that you purchase total coverage renters insurance. All issuers are different but all total coverage insurance will protect you from liability (if someone were to injure themselves on your property) and will protect your belongs should somethings happen (like a flood)
Hydro (Hydro One) is electricity. Hydro is typically excluded from most rentals and must be set up by you prior to moving in. You can set up your hydro by going to the hydro one website.
Internet & Cable like hydro, are not typically included in a lease and must be purchased separate from the lease.
We’re almost done! Now that you’ve got all the essentials set up it’s time to book your elevator and get ready to move in! Elevators can often be booked a few weeks in advance and require a small damage deposit that will be returned upon completion. To book the elevator speak with your concierge and they will be able to help you.