Interested parties have three major options:
- Apartments. Apartments are an uncommon housing option in downtown Toronto. Some quality, if aged, buildings occasionally have vacancies.
- Houses. Homeowners have begun offering rooms to rent. One major advantage to this situation is being able to live in a residential area, meaning tenants have better access to parking and fresh air.
- Condominiums. Condos are found within some of Toronto’s best sections, often featuring things like gyms, pools and close proximity to ITC stops.
How and Where to Look
There are two main approaches to finding rental estate:
- The person does it themselves by looking online through sites and following up by physically investigating the space before putting down any money.
- Work with a realtor. A proper agent will direct interest parties to the best parts for their budget, all while the landlord covers the agent’s commission.
When to Look
Rental listings tend to hit the market two months prior to their availability. Interested parties should set aside at least six months to have any options.
How Much Does Renting Cost?
Downtown Toronto apartments can range from just under $1,700 for a bachelor’s place to $3,500 for a 3-bedroom residence. Because vacancies are at a premium low, landlords have plenty of choice in who they rent to. Furthermore, rent has continued to rise with little signs of stopping.
Leases cover rent, the start and conclusion of the landlord-tenant relationship (typically 12 months), terms for pets and smoking, and how the lease’s conclusion will break down. Common practice is to give 60 days’ notice prior to moving out.
Tenant Rights and Obligations
- While landlords cannot evict tenants for having a pet, they are free to refuse to rent to pet owners. It should be noted that anyone looking to rent within a condominium may have to abide by the condominium’s bylaws instead of the terms set by the Residential Tenancies Act.
- While Ontario controls rent increases, this legislation does not influence buildings that are no more than 20 years old, such as most condos. Landlords may raise rent no more than once a year and to no more than what ever amount that year’s Consumer Price Index dictates.