If you don't move quickly, it's going to be gone.

Wednesday Oct 17th, 2018

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My First Hand Experience in Toronto's Condo Rental Market

When it comes to renting a unit in the city, most of my clients experience the same problem. On average there are about 50 new rental units that come on the market each day in the city of Toronto. In comparison, only about 10 units a day come up for sale. There is no doubt that Toronto is currently in a heat wave of rentals. It was a lot easier to afford a place on your own in the past - today, young proffessionals will likely need assistance from their parents if they want to become a homeowner before turning 30. 

With all of this demand for renting comes an increase in price. The average price for a 1 bedroom + den in toronto is around $2,200 /mth for 500-700 sqft, and $2,500 /mth for 700-800 sqft. If you want parking, tack on an extra $200 to $300. I work a lot with clients around my own age, so I know exactly what they're going through. But finding the right place is the least of their worries.

My clients have the added benefit of being a member on Collab, a portal that allows them to search MLS and gain instant notification of new listings. On Collab, you are able to send me listings you like and schedule a time for us to go see them. But if you don't move quickly, it's going to be gone. I witness this day in and day out. We'll go out to see a unit that has just come on the market, you'll love the unit and the next day decide to put an offer. However, it's already too late. Or, you'll put in offer in and by the end of the day you'll be competing with 4 other offers.

It's extremely competitive right now to find a place to rent. Homeowners aren't sure if they want to sell, so they resort to renting their place instead. As first time landlords, they want to make sure they pick the right person to live in their place. This means having great credit, perfect jobs, and golden references. I always tell my clients this at the earliest stages of searching for a home so that they are well prepared when it comes time to put an offer.

In today's market, it is imperative to be able to view units on a whim. Make sure you have everything in order when it comes time to put an offer, because if you don't move quickly, it's going to be gone.

 

Jamie Krob's Offer Checklist:

1. Full Credit Report (must include your name)
2. Letter(s) of employment
3. Photo ID(s)
4. Pay Stubs (if possible)
5. References from current/previous landlord

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