Rental applications can get quite technical and tedious, to say the least. While your Dwelly agent will most likely inform you of the application process and the necessary documents, it’s definitely worthwhile to be well-prepared on your own. We’ve rounded up every document you would need when applying for rent in Toronto in this quick and easy-to-use guide.
With a vacancy rate of around 1.1% (May 2018 Estimate), rental demand in Toronto is peaking, while securing a home is becoming more and more like a dice roll. With competing offers and picky landlords, having your paperwork and documents properly prepared can help dramatically increase your chances of success when applying to rent a property in Toronto.
To make sure your offer stands out and impresses the landlord you want to make sure you paint a clear picture of who you are, why you’re looking to rent the property, and why you believe you would be a good fit for the home. Your offer will stand out by making sure all the necessary documents are put together, including any supplementary documents that will further boost your case.
The following documents are required from any tenant applying to rent in Toronto. These documents are a must, as they are considered the bare minimum requirements.
- Rental Application
- Letter of Employment
- A Full Credit Report
- Copy of a Piece of Government Issued ID
Required for guarantors
While the following documents are not usually a requirement, they could definitely improve your application and, therefore, your chances at landing the home you want.
- A Personal Letter Written to the Landlord
- Reference Letters from Previous Landlords
- Bank Statements / Proof of Equity
- Recent Pay Stubs
Although it is up to you to compile all the documents previously mentioned, your Dwelly agent is responsible for preparing the following standard Lease Paperwork.
- The Lease Agreement
- Working with a Realtor
- Co-op Agreement
- Buyer Representation Agreement
After signing, your offer to lease is sent to the landlord’s agent (the listing agent), after which you can expect one of four possible outcomes:
- A request for more specific documents
- A response with a counter offer
- A signed & accepted offer
- A rejected your offer
Ultimately, the landlord has the final say at whether or not your application would be accepted. This decision, however, is generally influenced by their agent’s advice. In the case that things don’t go as planned, you may always improve your offer and resubmit. Otherwise, you should not be discouraged by a rejection; each offer submitted is a lesson learned and you may move on to another home that might just be a better fit for you.
If your offer is signed and accepted by the landlord, congratulations!
The next steps would be to prepare what is required from the following list, prior to your move in date.
- Renter’s insurance
- Utilities transferred
- Post-dated cheques
- Key Deposit