Looking for a Rental: What to Rent
These ar the three types of properties most commonly rented in Toronto:

1.   Apartment Buildings – Owned and managed by one company (versus a bunch of individual owners), apartment buildings are not as numerous as you might think in downtown Toronto.  While there have not been very many new apartment buildings built in the last few years, we have seen an increase in dedicated rental buildings under construction. There are still some quality (albeit older) buildings out there that periodically have vacancies.
2.   Houses – With more and more people wanting to live downtown, many Toronto home-owners have converted part of their homes into an apartment.. While many of these are basement apartments, some houses have converted uper floors into several apartments. The biggest advantage of renting a house is the opportunity to live in a residential neighbourhood, often with private outdoor space and sometimes even parking!
3.   Condos – It is easy to see that Toronto has a lot of condos, and many of them are owned by investors who offer them for rent. Renting a condo allows you to take advantage of some of the city’s best locations, and many of them have amenities like gyms, pools, concierge services and party rooms, and they are usually close to TTC transit. If you decide to rent a condo, you will be renting directly from the suite owner and will be required to abide by the condominium’s rules.

How and Where to Look for a Toronto Rental
There are two main ways to look for a rental in Toronto: on your own, or with the help of a REALTOR.
There are plenty of online resources to help potential tenants find a rental. 

Craigslist and Kijiji are popular for finding an apartment, but be aware of potential scams. Make sure never to give a deposit before physically seeing the apartment and confirming that the person you are talking to does in fact own it, and if it seems too good to be true, it probably is.
Pro Tip: Viewit.ca is a popular website with lots of photos. Landlords pay to advertise on Viewit.ca (thus reducing the chances of being scammed).  Check out Pad Mapper – it is more user-friendly  and has lots of posted rentals.

Of course, you can always work with a licensed real estate agent to help you find a Toronto rental. There are thousands of rentals listed with real estate agents, and a good agent can help you identify great properties and neighbourhoods, as well as help you negotiate the price and terms of your lease. The best part? The landlord pays the agent’s commission, so you can have an expert represent your interests for free!
Pro Tip: Properties that get listed with real estate agents tend to be on the higher end of the price scale, so if your budget is less than $1,800 a month, they may not be able to find you something in downtown Toronto.

When to Look for a Rental
Most Toronto rentals come on the market two months before they are available for rent (e.g. – an apartment will be advertised April 1st and be vacant June 1st). If you are not ready to move for six months, you will not likely have any options to look at.

How Much Does it Cost to Rent in Toronto?
According to the Toronto Real Estate Board, the official average monthly prices for rental apartments and condos in 2018 is:

The Toronto Rental Market

The Toronto rental market is HOT! We are experiencing vacancy rates at all time lows (around 1%) meaning that landlords have their pick of who they want to rent to (and for how much). Rents have increased significantly over the last five years and are not expected to decrease anytime soon. If you love stats, check out this CMHC Rental Report.

The Lease

The lease is the document that governs your relationship with the landlord – how much rent you will pay, the term of your lease, the use of the property, what happens at the end of your lease, etc.
Leases are typically for 12 month term and after that (unless a new lease is signed), tenants are automatically considered to be ‘month-to-month’, meaning that you don’t generally need to commit for another 12 months. You would, however, have to give 60 days notice before moving out (beginning on the first day of the next month; i.e. if you give notice June 24th, then you can move out on August 31st).

Your Rights and Obligations as a Tenant

As a tenant in Ontario, you have many rights. Among the important ones: Click here for a complete guide to the Residential Tenancies Act.
Click here to download the Landlord and Tenant Board’s Information for New Tenants guide with a summary of landlord and tenant rights & responsibilities.

Getting the UNIT You Want

One of the most important things about renting in Toronto is being prepared when you find your ideal place: Some other tips to keep in mind:

Ready to Rent in Toronto?

If you are looking to rent in Toronto and want to partner with a professional, contact us to represent you (and do not forget, the landlord pays our fees).