Real Estate

How do I rent a condo in Toronto?

By: Ankita SimlaiUpdated: February 06, 2021

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6-STEP PLAN FOR RENTING OUT YOUR CONDO
  1. Review your Rules & Regs.
  2. Lease with an expert.
  3. Set the right price.
  4. Find the right tenant.
  5. Cross your T's and dot the I's on your lease agreement.
  6. Make sure you're properly insured.

Thereof, how much is it to rent a condo in Toronto?

In fact, the average one-bedroom condo rental in the city is currently $2,262 per month – an increase of 4.5% – in the third quarter of 2019, while the cost of a two-bedroom rose 4.2% to an average of $2,941, according to the Toronto Real Estate Board.

Secondly, how do I find condos for rent?

Condos 101: How to Find a Condominium For Rent
  1. What Is Condo?
  2. Write Down Your Needs.
  3. Decide Whether You Need Your Condo To Be Furnished.
  4. Walking Distance From Your Office And All Amenities.
  5. Check The Neighborhood's Walkability Store.
  6. Get A Higher Floor.
  7. Don't Rent a Condo Facing a Courtyard.
  8. Avoid Areas Where Condos Are Being Developed.

How do I find rentals in Toronto?

Here are our top 14 picks (spoiler alert: the 2nd one's us :)) for Toronto's best apartment rental websites for finding the perfect rental:
  1. Rentals.ca.
  2. TorontoRentals.com.
  3. Kijiji.ca.
  4. Viewit.ca.
  5. PadMapper.com.
  6. RentSeeker.ca.
  7. Toronto.Craigslist.org.
  8. WalkScore.com.

What to know about renting out a condo?

6 Things You Need to Know Before Renting Out a Condo
  • Your HOA Might Not Allow Rentals.
  • The HOA May Have Rules Governing How Rentals Are to Be Handled.
  • The HOA Might Be Strict With Tenant Approval.
  • Factor in Your HOA Fees.
  • Get Your Tenant Up to Speed on the Rules.
  • You and Your Tenant Should Both Have an Insurance Policy.

Related

Should I rent my condo?

If you don't want to hire a property manager or be an absentee landlord, selling your condo rather than renting it out is wise. If you're going to lose lots of money on your condo sale, though, renting it out may work best.

How do you make money renting condos?

There are two primary ways to make money by investing in condos:
  1. Remember the 20% Rule.
  2. Choose the Location Carefully.
  3. Make Wise Decisions.
  4. Consider the Resale Options.
  5. Think About Expenses.
  6. Don't Forget Cash Flow.
  7. Taxation Aspect.
  8. Analyze the Rental Market.

How can I rent an apartment fast?

Luckily, there are seven ways to rent your home out fast, so you never have to deal with the vacancy.
  1. Price your house right.
  2. Reduce your price quickly.
  3. Show your house quickly.
  4. Have your screening and lease program ready.
  5. Charge for background and credit checks.
  6. Allow pets.
  7. Join support groups.

How can a landlord rent an apartment?

Pre-Move-In Checklist
  1. Clean the property.
  2. Create a Lease Agreement, go through the terms, and sign the agreement.
  3. Change the locks and cut an extra set of keys.
  4. Provide your tenant with your contact information.
  5. Collect the first month's rent, security deposit, and pet deposit or fee, if required.

Can condo board restrict rentals Ontario?

Your condo corporation's rules may also restrict your ability to use your condo for short term rentals. Moreover, a recent Ontario court ruling has confirmed that condo boards can prevent owners from using their unit for short term rentals by passing a rule.

How do you list rentals?

Top 25 Websites for Advertising Your Property Rental Listing
  1. Your Website. Your website should be advertising central for your rental property listings.
  2. Craigslist. The ubiquitous Craiglist is where people turn for almost everything, including housing that's focused on a specific metropolitan area.
  3. Oodle.
  4. Zillow.
  5. Hotpads.
  6. RentalHouses.com.
  7. Realtor.com.
  8. Padmapper.

What a landlord needs to know in Ontario?

7 things you need to know before you become a landlord
  • Treat your rental like a business.
  • Buy the right property to rent.
  • Learn your province's rental rules.
  • Screen potential tenants.
  • Cultivate the landlord-tenant relationship.
  • Be hands-on with managing your rental.
  • Check your insurance coverage.

How do I become a landlord in Ontario?

Being a Landlord 101: Tips for First-Timers
  1. Don't overextend on credit.
  2. Familiarize yourself with Ontario's housing regulations.
  3. Know how to market your property to the right audience.
  4. Screen your tenants thoroughly to avoid disastrous situations.
  5. Make collecting rent a priority.
  6. Enlist the services of an experienced property manager.

How do I rent a condo in Chicago?

Ready to Rent Out Your Chicago Condo? Here's What You Need to Know
  1. Review Condo Documentation.
  2. Address Insurance and Tax Considerations.
  3. Price Your Unit.
  4. Lease, Rental Agreement, and Background Checks.
  5. Decide How Rent Collection Will Work.
  6. Lawyer Up.
  7. Consider Getting Some Help.

How much is a 1 bedroom condo in Toronto?

Average 1 Bedroom Condo Cost To Buy
During the period of October 1, 2017 to November 1, 2017 there were a total of 345 sales of 1 bedroom condos at an average price of $527,914 in the Toronto downtown core.

Where are the cheapest condos in Toronto?

Here are the six most affordable neighbourhoods for condos in Toronto:
  • West Hill, Centennial Scarborough.
  • Malvern, Rouge.
  • Rexdale-Kipling, West Humber-Claireville.

Where is the cheapest rent in Toronto?

The 8 Best Neighbourhoods in Toronto for Affordable Rent
  • Guildwood Village (Scarborough) Situated near the beautiful Scarborough Bluffs, on the south side of Kingston Rd., Guildwood Village is a picturesque neighbourhood.
  • Weston.
  • Black Creek.
  • Rexdale.
  • East York.
  • Scarborough City Centre.
  • Mimico-New Toronto.
  • Keelesdale–Eglinton West.

How much is a down payment for a condo in Toronto?

Minimum down payment
Purchase price of your home Minimum amount of down payment
$500,000 or less 5% of the purchase price
$500,000 to $999,999 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000
$1 million or more 20% of the purchase price

What is a good salary in Toronto?

As it stands right now, the median household income in Toronto, based on a living wage of roughly $19 per hour, is $72,830 — that means, half of Toronto's households earn less than $72,830 and half earn more.

Where are the cheapest rents in Canada?

At the other end of the spectrum, all three cities with the lowest rents in the purpose-built market were in Quebec. Canadians can rent an average two-bedroom unit for between $750 and $850 a month in Quebec City ($839), Montreal ($809) and Gatineau, Que. ($749), the report indicated.

Is living in Toronto expensive?

The results of the report determined that while living in Toronto: Renters who take public transit will spend $3,541.24/month, or $42,494.88 annually. Renters who drive will spend $3,840.23/month, or $46,082.76 annually. Homeowners who take public transit will spend $5,415.73/month, or $64,988.76 annually.