Looking to rent your Toronto apartment or condo? We have put together a guide of things you need to know.

Finding a great tenant involves patience, proper pricing and advertising, showcasing the property, interviewing tenants, checking references, negotiating and putting together a lease.

How and Where to Look for Tenants
There are two ways to look for tenants: on your own, or with the help of a real estate agent.
  1. On Your Own: Many landlords have successfully found tenants on Craigslist and Kijiji, though be prepared for a random selection of prospective tenants. If an ‘overseas tenant’ offers to take your apartment without seeing it, be cautious – there are many sophisticated scams operating on the internet. As with most things in life, if it seems too good to be true, it probably is. Viewit.ca is another advertising site for landlords. For $55 a month, your property will be showcased online to prospective tenants.
  2. Hire a REALTOR: Of course, you can always work with a licensed real estate agent to help you find a tenant. Many real estate agents offer leasing services that include pricing, advertising, showing, screening, negotiating and completing the paperwork (the total cost is usually one month’s rent, half of which is typically offered to the agent who brings a tenant). If you do not have the time to find a great tenant, consider hiring a professional.
Pro Tip: The CondoStop team helps many Toronto landlords find great tenants (and for an additional cost, we offer ongoing property management too).

When to Advertise Your Property
Most Toronto rentals come on the market two months before they are to become available for rent (e.g. an apartment will go on the market April 1st for a June 1st occupancy).

How Much is Rent in Toronto?
According to the Toronto Real Estate Board, the official average monthly prices for rental apartments and condos in 2018 is: One way to price your property is by using other nearby apartments as comparables. Real estate agents have access to a vast array of rental history information so if you hire a real estate agent, you will have access to a wider set of properties to compare.

The Toronto Rental Market
The Toronto rental market is HOT! We are experiencing vacancy rates at all time lows (around 1%). Rents have increased steadily over the last five years as has demand.

The Lease
The lease is the document that governs your relationship with the tenant – rent amount, use of the property, term of the lease, what happens at the end of the lease, etc.
Leases are typically for a 12 month term after which (unless a new lease is signed), tenants are automatically considered to be ‘month-to-month’, meaning that they do not need to commit for another 12 month term. Month-to-month tenants are required to give 60 days' notice before moving out (beginning on the first day of the following month; i.e. if they give notice June 24th, they can move out on August 31st).

Your Rights and Obligations as a Landlord
Ontario tenants have many rights, including: A Word on Legal Apartments
The City of Toronto has by-laws that regulate the rental of second suites, defined as self-contained rental units in a detached or semi-detached house. To be considered a ‘legal apartment’, the apartment will need to meet certain standards: If you own a condo in Toronto, the Condominium Corporation will likely have rules that dictate rentals in the building (minimum lease terms, the obligation to provide a copy of the lease to the property manager, etc.).  If you are thinking of renting your condo, make sure you have a full understanding of your restrictions and obligations.

You have MANY obligations as a Landlord – click here to find out more.

Also, note that all new tenants must, by law, be given a copy of the Landlord and Tenant Board’s Info for New Tenants Brochure with a summary of landlord and tenant rights and responsibilities.

Finding the Tenant You Want
One of the most important parts of finding a good tenant is screening. Make sure to request: On the application, make sure to request: If renting a condo unit, make sure to inform prospective tenants of any restrictions imposed by the condo by-laws on the condo unit.

Ready to Become a Toronto Landlord?
Becoming a landlord can be an excellent source of revenue but it can seem like a second job, so make sure to do your homework before you commit.
If you are looking to rent your apartment or condo in Toronto and want to leave the details to a professional, text, call or send us an email.