Use a Realtor (it’s free).

Using a realtor to help find your next rental home is free!  One thing that I hear a lot is that someone looking for a rental doesn’t want to or can’t afford to pay a realtor to help them.  While we do get paid for our work, it’s actually not the renter who pays us, it’s the landlord.  There’s no extra money out of your pocket when working with a realtor to help you secure your next rental.  

Choose a Realtor to work with.

Head’s up, we all have the same access to the MLS listings.  Some of us have exclusive listings or have access to other agents’ exclusive listings through our networks, so it pays to work with someone who’s well connected, and most importantly, someone who you’ll get along with.  Read my post about How To Choose A Realtor.

Location, location, location.

Where you’d like to live is important.  If you already know the ins and outs of the area you’d like to move to, amazing!  If not, take your time to explore the area, ask your Realtor about the neighbourhood, some hotspots and what they think of it as a match for you.

Preparation is key.

Much like buying a property, ensuring that you’re prepared is an essential part of the process.  The rental market ebs & flows just like the resale market, and when it’s hot it’s hot.  It’s not uncommon to see some properties leased within a day or a highly desired unit receiving multiple offers.  The majority of rentals across Toronto will require the same four documents when you apply: photo ID, credit report & score, letter of employment, and proof of income, so make sure you have those ready.  Most landlords are looking for a credit score of 700+ but of course life happens and people can be understanding.  If you require a guarantor or co-signor, they will need to provide the documents listed above as well.

Time to apply.

Once we find a home that you can see yourself living in, we submit your offer package and documents to the landlord for review.  They’ll take the next 24-48 hours to review our offer, complete their due diligence, and check references while deciding if they’d like to accept our offer.

If our offer is accepted, we’ll have 24 hours to get the deposit of first + last month’s rent in to the listing brokerage, so make sure you have the required funds readily accessible.

Getting ready to move.

Your Realtor should help you out with the following steps:

• set up utilities if not included
• book elevators
• arrange key pick-up
• register with the building

Know of a friend or family member looking for their next rental?  Send them this link to my free renter’s guide!