The following FAQs are common downtown Toronto rental questions. We hope this helps you get a better idea of what to expect when discovering your new home in Toronto.
1. How long in advance of moving should I start searching for a place?
Since the minimum notice required to terminate a lease is 60 days, most properties become available 60 days or less before the move-in date. Therefore, the best time to begin your home search is 1-2 months before you want to move.
2. What is usually included in the rent?
Condos usually include all utilities in the rental price except Hydro (which is electricity). In less common instances, water must also be paid by the tenant, this if often the case in newer buildings. It is also common to find Hydro included in the rental price in older buildings. In rare occasions, some condos have an additional monthly hot water heater cost which must also be paid by the tenant.
For Houses it is common that utilities such as Hydro, Water, and Gas are not included in the rental rate and come as an additional cost. It should be noted that circumstance might differ if you are renting only a portion of a house, in these cases sometimes the utilities are included or shared between tenants.
3. What is the average rent prices of Toronto Condos?
As of June 2018 the average price for renting a condo is the following:
One Bedroom: $2,150
Two Bedroom: $2,800
Three Bedroom: $3,400
Four Bedroom: $4,000
4. How long does it take to secure a place after finding it?
Once you have found the place you liked and have prepared all the paperwork, it usually takes 1-2 days to submit the offer, get it accepted, and deliver the deposit cheque (1st & last month’s rent) to the listing brokerage. Timeline may be delayed depending on the landlord and his agent.
5. What paperwork do I need to rent?
All the required & additional paperwork can be found in this blog post:
6. Do I need a Realtor to rent in Toronto?
Most Toronto homes are listed on Multiple Listing Service (MLS) by Realtors who provide access to other Realtors. Not only does a Realtor have access to thousands of properties but they are also well versed in the process, the rules, and neighbourhoods. A Realtor is there to represent your best interest - their client, therefore they strive to make sure you get exactly what you want.
7. What’s the difference between apartments and condominiums (condos)?
Apartments are located in buildings which consists of only rental units which are managed by the building’s property management company. The property management company lease directly to the tenants and are the main point of contact throughout the lease term. In most cases Realtors do not have access to apartments and do not cooperate with such buildings. Condos on the other hand are usually privately owned and managed by the landlord and/or their Realtor.
8. What is the required deposit?
The standard deposit required for leases via Realtors in Toronto is a 2 month deposit which goes towards your first and last month’s rent. The deposit is usually due 24 hours after the offer is accepted, in most cases it should be delivered to the listing agent’s office.
9. What is the standard lease Duration?
The standard lease term in Toronto is one year. With 6 month lease terms being the 2nd most common term. Infrequently you may find lease terms that are shorter than 6 months or longer then 1 year.
10. What are the neighbourhoods in Downtown Toronto?
The following are all the neighbourhoods of central Toronto:
Bay Street Corridor
St. James Town
Yonge & Bloor
Yonge & Church