If you are reading this than there is a high chance that you are a first time renter. Since our team gets to work with plenty of you folks we decided to put together a quick guide on what you need to prep before going out hunting for your first rental condo in Toronto.
Although some of these things are not required by law or even might be against the law for Landlord to ask but reality is a bit different:-) Since the market out there is very competitive and best rentals are usually gone in a matter of hours you want your agent have all the paperwork ready to be fired off with the offer.
- Equifax credit score. Absolute must. Required by 90% of Landlords these days.
- Employment letter stating your annual income. Sometimes Landlord also wants to see pay stabs or proof that the letter you provided is not bogus.
- In case you are a student or don’t have a stable income. You’ll need a letter from a co-signer who can guarantee the rental contract. In other words your co-signer is on the hook if you decide not to make your rental payments. Normally the Landlord will want to see some proof of income and credit score from the co-signer as well.
- OREA Rental Application Residential – Form 410. Standard form used by the industry professionals. Don’t fill in the address though and reuse it when applying for multiple properties.
- Tenant Insurance. Required by 90% of Landlords. You can get one from your bank.
- Funds for key deposit. Average of $150-200.
- Funds to cover first and last month. Usually collected after the offer to rent is accepted.
- Any additional references which will make your Landlords heart melt.
- Take time and read through Ontario Tenancy Act. It might help if you encounter any problems with your Landlord after moving in.
Good luck hunting. And if you need help call or txt us anytime – 416-939-5101