Find a Realtor
It is important to find a Realtor in order to protect your rights as a tenant and to gain access to the widest array of rentals on the market. Realtor's are paid through the landlord and the landlord's agent. So, as a tenant it's best to get yourself an agent as it benefits you greatly, without costing you anything!
The Current Market (2020)
The average one-bedroom condo apartment rent was down by 11.1% from an average of $2012 in 2020 compared to $2262 in 2019. With the pandemic's second wave still wreaking havoc, there is uncertainty in the rental market. As such, we are currently seeing a decline in rent across major Canadian cities.
The Renter's Guide
Whether you're unsure of when/if to rent or if you'd like to begin planning, it's important to have an idea of things to account for when renting.
1. Rent Deposit
This will be the largest monetary sum when it comes to renting. This deposit is usually equal to 2 month's rent and is applied to both first and last month's rent if that is the case.
2. Key Deposit
The key deposit is typically $300. It is what covers the cost of replacing the keys if the tenant fails to return them at the end of the lease. The key deposit is returned to the tenant if the tenant returns the keys at the end of the lease.
3. Tenant Insurance
Typically the unit is insured by the landlord, however certain liabilities such as the tenant and their property may not be covered. Many landlord's will require that their tenants be insured and show proof of this coverage before moving into the unit.
4. Credit Report and Employment
It's not unusual for a landlord to request a credit report as well as an employment letter/pay stubs from the tenant. This is done so the landlord can get an idea of the finances and history of the potential tenant.
5. Maintenance and Repairs
The tenant is responsible for keeping the unit clean as well as paying for any damage that they or their guests have directly caused. With regular wear and tear of the unit and appliances, the landlord tends to be responsible for maintenance unless otherwise stated in the lease.
6. Utilities
Many tenants should be prepared to pay for certain utilities on top of their base rent. While some utilities such as water and heating may be covered by the landlord, other utilities such as hydro may not. You will be made aware of which utilities are and aren't covered before signing the lease.
Ontario Rent Freeze 2020
In response to the current pandemic, the Ontario Government passed legislation to freeze rent at 2020 levels for until December 31, 2021. So, current tenants that are in units covered under the Residential Tenancies Act will not see a rent increase in the new year. This applies to units including, but not limited to: rented apartments, condos, houses and basement apartments.
This is quite helpful for current tenants as rent tends to increase every year as it's adjusted to current economic inflation. However, in the new year current Ontario tenants can continue to pay the same rent.