Tips for Finding a Good Deal on Rental Properties in Toronto

It’s no secret there’s a housing shortage in Toronto right now. As a result, people end up renting instead of owning a home. But with about 30% of the total immigrants to Canada choosing to settle in Toronto every year, the housing shortage already extended to the rental market. The situation is so dire that the local vacancy rate is now at around 1%, giving new renters a hard time when searching for a new rental home.

With the scarcity of rental properties in the city, the competition is tough and the rents are pricey. These make it challenging for renters to find a good place to call their own. Relying on real estate listing in Toronto can help, but you need to do more than just look up potential properties to visit. These additional tricks can also be useful in finding a good property and the best deals available.

Look at Old Buildings

There are a few reasons why old buildings can give renters great deals:

  • They’re usually rent-controlled if the building was constructed before 1991

  • The landlords are experienced and considered as “career landlords”

  • They can offer a “new” different way to live in a modern city

  • They’re easy to spot in listings

  • Lots of people are after those shiny, modern buildings so there can be less competition with older buildings

There are still quite a number of old buildings with properties for rent in Toronto. So there can be a good chance of successfully renting one.

Try to Look for Almost-Finished Buildings

If you’re not too fond of old buildings, experts also recommend looking for buildings that are just about to be finished. Unlike condos, rental buildings are not usually “pre-rented.” Checking out the property before it’s even finished will give you a leg up in the competition. If you’re lucky, you might even get to strike a nice deal for being an early bird.

Don’t Try to Take Shortcuts

If you think one website will already give you all the listings of the rentals on the market, you have to change that thinking right away. While the popular sites tend to have more listings than others, they don’t guarantee to have an absolutely complete database.

Casting a wide net is the best way to make the most out of rental listings. Check out as many websites and rental databases that can let you know about properties that are currently available. It might take a while and require some hard work to accomplish, but being thorough will give you better odds of finding a new home.

Prepare All the Necessary Paperwork in Advance

This one isn’t exactly listings related, but it’s still a great technique if you want to boost your odds in landing a rental. Preparing all of the necessary documents way before you even need them is a must.

Why? One, it will prevent you from missing out on a very good and highly sought after property. Having all the papers you need on hand will allow you sign a lease as soon as possible. Having your credit report, personal references, certificate of employment, and even a checkbook with you during viewings will let you act fast if you really like a property.

Don’t Forget Other Websites

Aside from classified advertisements websites and real estate listing websites, you should also check out other websites where users can post things publicly. Social networking sites and forums can also offer a good selection of rental listings. You might be able to find groups, accounts, and personal postings on these websites that might just lead you to your new rental home.

Combine these tips with some flexibility, decisiveness, and a good dose of patience and you can shouldn’t have a very hard time competing for a rental property. They might also help you find great deals which can help you survive in a tough housing market.

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