Tips to Find the Perfect Rental Condo in Toronto
Written by: Erica Mary Smith
Posted on: January 25, 2016
With so many condos for rent in Toronto, it can be difficult for renters to narrow down their choices and pick the right one. Even though there are a lot of condos on the market, it can be hard to get a unit in the building or location of your choice. With vacancy rates low, many buildings may not have any available units and good deals will quickly be scooped up by other eager renters. All of this can make renting in Toronto a very stressful and overwhelming experience.
Luckily, there are some easy things you can do that will help you find the right condo rental for your needs.
Perform Market Research
Sometimes, finding the right condo is all about looking at the right time. Traditionally, the best time to rent a condo is in the summer months when there are usually many more units on the market. However, because the winter months are slower, they present the best time to secure a lower rent. It’s important to perform market research into the condo market, the units you are looking at, and the locations the buildings are in. Research the condo market and figure out the times, locations, and buildings that will get you the best units for the lowest rates.
Hire a Condo Realtor
If you are having trouble finding listings, it may just be that you can’t see them. The vast majority of condo units are listed on the multiple listings service (MLS), which is only accessible to realtors and real estate professionals. The general public cannot see up to 80% of the condo listings currently available. By hiring a condo realtor, you will greatly increase the number of options you can choose from. Even better, condo realtors usually are paid by the property owner, so you can use one for free. There are many Toronto realtors who can help you get the right unit.
Narrow Down Locations
Toronto is a huge city with many different neighbourhoods and areas. If you are looking at condos throughout the entire city, you will likely become overwhelmed. It can be hard to consider all of the different factors. Depending on which area of the city you are in, you may end up paying varying amounts for transit/commuting or other services (i.e. if your condo has a gym, you can cancel your gym membership). Instead, look at your budget and narrow down your search to an area with plenty of units in your price range.
Look at New Buildings
Many buildings will rarely have available units on the market. When they do, the rent may be sky-high. Because of this, the best time to find a unit is when a condo building is first constructed. Often, a number of units from that building will enter the market all at once. There is much less competition to get one of these units, and you can sometimes even secure a lower rent.
Condo Chicks from Stomp Realty Inc. is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please contact us by calling (416) 366-3033.