20 Dec 5 Tips on How to Rent a Condo in Toronto’s Competitive Market
With the rising demand for condos in Toronto’s competitive real-estate market, many condo owners are looking to get top dollar when renting out their space. Supply has always been limited, and even with the recent increase in available units due of COVID-19, the market has proven to still be very competitive. However, this is a great time to get an amazing deal on a condo rental, as some landlords may be uncertain about the time their condo will be left vacant.
To help you avoid spending excessively when renting a condo, and to get a great deal, we put together a list 5 tips on how to rent your condo in Toronto.
1. Set Your Budget
Setting a monthly budget for what you can spend on rent is great, sticking to it is better. Renting a condo can be expensive and the closer you get to Toronto’s core, the higher the pricing gets. Determine the amount you intend to spend on your rent, you can do this by calculating all of your monthly expenses and comparing it to your income. Chances are you will be tempted to go above your budget, especially if you find a perfect unit, that is out of your price range. Refrain from looking at condos that are out of your budget, to avoid this situation.
2. Condo’s Condition
The condition of your condo is extremely important, especially if you plan on staying at this location for an extended period of time. Many landlord’s will undertake a minor condo renovation between tenants. These updates include new paint, and perhaps some fixtures such as lighting, kitchen and bathroom hardware. This is enough to provide that shiny new condo feel, but you should look past the condo’s aesthetics and look at the condition of the appliances and major plumbing such as sinks, showers, and toilets. After all, you don’t want to be worrying about repairs as soon as you move in.
3. Ask for Recommendations
Seek recommendations from other condo residents or work colleagues. Recommendations are usually honest and are the best way to find the right condo. Ask questions about the neighborhood, rent, and traffic situation. Be sure to seek recommendations from friends and family as well as individuals that live in the condo building, don’t be afraid to leverage your social media to solicit feedback.
4. View to Close
The increasing demand for condos in Toronto makes it almost impossible to view one condo twice. Prospective residents are swarming Toronto in search of condos every day, and with an awareness of the looming scarcity, they are closing immediately. Therefore, before scheduling a viewing session with a real estate agent, make you do your research beforehand so you’d spend your viewing time looking into important items you could have done before hand.
5. Work with a Realtor
Working with a realtor will save you time and potentially money as they will work to get you the best deal. Find a trusted realtor and let them work down your list of needs and wants to find you the right place within your budget.