{"id":10447,"date":"2017-03-09T14:17:00","date_gmt":"2017-03-09T19:17:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=10447"},"modified":"2017-08-28T15:54:22","modified_gmt":"2017-08-28T19:54:22","slug":"5-tips-for-getting-ahead-in-toronto-rental-market","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/5-tips-for-getting-ahead-in-toronto-rental-market\/","title":{"rendered":"5 Tips for Getting Ahead in the Toronto Rental Market"},"content":{"rendered":"

Finding a home in\u00a0Toronto takes\u00a0a certain competitive spirit. The challenges of breaking into Toronto real estate<\/a> amid rising prices,\u00a0scant\u00a0supply and fierce competition have long dominated housing headlines \u2013 and now, the conversation around the heating rental market has reached fever pitch.<\/p>\n

In short, Toronto rentals are experiencing the same symptoms as its red-hot purchase market \u2013 there\u2019s tons of demand and far too few listings. According to the Toronto Real Estate Board\u2019s January Rental Market Statistics<\/a>, rental transactions were down 5.8% annually in the fourth quarter of 2016, with only 5,717 units changing hands. However, the reason for the decline certainly isn\u2019t lack of interest, as TREB President Larry Cerqua points out.<\/p>\n

\u201cWe have talked a lot over the past year about a lack of inventory for ownership housing,\u201d he stated in the report. \u201cWhat is less well known is the fact that rental market conditions also tightened over the past year. Competition between renters has increased, leading to very strong year-over-year growth in average rents.\u201d<\/p>\n

The real estate board reports the average rent for a one-bedroom rose 7.4% to $1,776, and the average two-bedroom increasing 8% to $2,415. The vacancy rate, according to a recent report from Avison Young, has now dropped to 1% from 1.3%. For perspective, it was as high as 4% in 2004.<\/p>\n

Why Is Rental Demand so High in Toronto?<\/h2>\n

There are a few factors behind rising rent prices, and one is that Toronto\u00a0is in high demand; it\u2019s a great hub of culture, retail and entertainment, has a thriving job market, and is repeatedly ranked as one of the safest and best places to live. It\u2019s a huge draw for migration, with the GTA population forecasted to grow 10% to 7,289,500 people by 2021 \u2013 all of whom need housing of some kind.<\/p>\n

It\u2019s also an expensive place to live, with the average house price exceeding $1.5 million, reports TREB. Condos, the popular entry point for first-timers, have also grown 8% pricier over the last year, to an average of $515,424.<\/p>\n

These affordability challenges haven\u2019t been helped by recent mortgage rules<\/a>\u00a0which\u00a0have kept more people in the rental market for longer. A stress test introduced last year that requires buyers to qualify at the Bank of Canada\u2019s benchmark of 4.64% has knocked out 20% of buying power, according to broker association Mortgage Professionals Canada.<\/p>\n

Those would-be homeowners continue to take up space in rentals as they go back to\u00a0the savings drawing board, or defer ownership altogether.<\/p>\n

Another issue is the lack of a long-term focus on rental units in Toronto. For decades, developers haven\u2019t had much incentive to create rental-purpose developments, when condo revenues have been so fruitful. As today\u2019s demand pushes up rental unit valuations though, that\u2019s changing, with 27,812 units \u2013 triple last year\u2019s number \u2013 now in the works.<\/p>\n

However, that work hasn\u2019t done much to alleviate the pressure on today\u2019s renters, who are facing steep competition and monthly rent hikes. A recent series titled No Fixed Address<\/a><\/em> by the CBC, which launched after journalist Shannon Martin saw her rent rise by nearly $1,000, has tapped into a narrative of frustration, as renters say it\u2019s tougher than ever to gain an affordable foothold.<\/p>\n

Five Tips for Winning a Rental<\/h2>\n

So, as prices and demand rise, how can an applicant stand out against thousands of prospective tenants? According to Zoocasa Realty agents Brittany Kostov and Emma Pace, there are a few measures a hopeful renter can take to improve their chances of scoring a unit.<\/p>\n

1: Have your paperwork prepared<\/h3>\n

Gone are the days of \u201csleeping on it\u201d when choosing\u00a0a unit. Today\u2019s prospective tenants need to arrive with their entire application package including the application itself, credit score, and record of employment. \u201cI personally won\u2019t take anybody out unless they give me those documents first,\u201d says Pace. \u201cSome agents may, but if you don\u2019t have all your documents prepared, you\u2019re just going to lose it (the rental) anyways. There\u2019s really no point of you searching until you have that.\u201d<\/p>\n

Kostov adds that applicants should make it as easy as possible for prospective landlords to find the information they need, as a delay can cost you the unit. \u201cThe other day, we had an applicant on one of our lease listings who only had an email for someone in HR in California. That took over 24 hours to get a hold of them,\u201d she says. \u201cPersonal references are all well and good, but if you can just directly speak with someone and get a hold of someone at your work that is well aware someone will be reaching out at some point, that\u2019s a really good thing to be able to provide.\u201d<\/p>\n

2: Don\u2019t apartment hunt when in-between jobs<\/h3>\n

Just like applying for a mortgage, it\u2019s important to be able to prove you have a steady source of income and a concrete employment history, or the equivalent if you\u2019re self-employed. A lack of employment stability will be a red flag for landlords, who need to see you\u2019ll be able to pay your monthly rent.<\/p>\n

\u201cIf you\u2019re getting multiple applicants, and one of them has been bouncing from job to job every six months, or maybe they\u2019re still on their three-month probation, that\u2019s not ideal,\u201d says Kostov. \u201cBut at the end of the day, it\u2019s all just down to that specific landlord and what they would prefer.\u201d<\/p>\n

3: Your credit speaks volumes<\/h3>\n

Your credit score \u2013 and your ability to pay your bills – will be one of the biggest deciding factors for landlords, and a pristine one can put you ahead of other hopefuls. \u201cIf you\u2019re going to be looking through a realtor, your credit score should be ideally above 600,\u201d says Pace. \u201cObviously it\u2019s part of our job to negotiate, but if you want to be in the strongest position, obviously the stronger the credit score, the most likely you will be successful.\u201d<\/p>\n

Some landlords can be extremely thorough when looking into your debt servicing ability, and may consider your regular bills and outstanding balances. \u201cI had a client that went up against another rental application \u2013 that other applicant had a car, my client did not, and they made similar income,\u201d says Kostov. \u201cThe landlord eventually chose my client because she really did a total picture of, \u2018Ok, how much can they actually afford? If rent is $1,500 a month, and your car payment is $600 per month and you\u2019re making $60,000, there\u2019s not a whole lot of wiggle room there.\u2019 They\u2019re really taking everything into account.\u201d<\/p>\n

4: Be prepared to pay<\/h3>\n

If your score is less than stellar, that doesn\u2019t necessarily mean you\u2019re out of the running \u2013 but you\u2019ll need to come with more cash in hand. Both Pace and Kostov say offering more than just first and last month\u2019s rent can improve your standing.<\/p>\n

\u201cLet\u2019s say they\u2019ve got a wonky charge on their credit card, they missed on a payment \u2013 there\u2019s a story behind everything – and that can affect their credit score,\u201d says Kostov. \u201cThey can say, \u2018That was a one-off, I can provide six months of rent up front and give it all to you in cash.\u2019 That\u2019ll level the playing field a bit more.\u201d<\/p>\n

Pace adds that depending on how much extra you offer, it may be less of a financial hit than anticipated. \u201cRealistically, when it comes down to it, a month\u2019s worth of rent doesn\u2019t come out of your pocket, it comes out of the deposit that they give you, so it\u2019s nothing that you really pay up front. It\u2019s money that actually comes out on the backend, which I think a lot of people don\u2019t know,\u201d she says.<\/p>\n

5: Be socially savvy<\/h3>\n

Believe it or not, your prospective landlord will likely check out your Instagram \u2013 and they may not wish to double tap on your lifestyle. \u201cThe first thing that I do when I\u2019m on the listing lease side representing the landlord, is Google them (the prospective tenant) or search them on social media and Instagram,\u201d says Kostov. \u201cThat\u2019s going to tell us more than any rental application will.\u201d She adds that many who lie about smoking or having a pet are often found out this way.<\/p>\n

Pace adds that for most landlords, especially those renting out private units, knowing the tenant will treat the unit well is key. \u201cOur goal is to try to make it as easy as possible for them to get someone who they\u2019re comfortable with living there, that they don\u2019t feel they\u2019re going to need to chase down for money, they don\u2019t feel is going to ruin their place,\u201d she says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Finding a home in\u00a0Toronto takes\u00a0a certain competitive spirit. The challenges of breaking into Toronto real estate amid rising prices,\u00a0scant\u00a0supply and fierce competition have long dominated housing headlines \u2013 and now, the conversation around the heating rental market has reached fever pitch. In short, Toronto rentals are experiencing the same symptoms as its red-hot purchase market […]<\/p>\n","protected":false},"author":39,"featured_media":10449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1108,181],"tags":[],"class_list":["post-10447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rentals","category-toronto-real-estate"],"yoast_head":"\n5 Tips for Getting Ahead in the Toronto Rental Market | Zoocasa<\/title>\n<meta name=\"description\" content=\"The Toronto rental market is becoming extra competitive and expensive - how can prospective renters break in and find affordable units?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/5-tips-for-getting-ahead-in-toronto-rental-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Tips for Getting Ahead in the Toronto Rental Market | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"The Toronto rental market is becoming extra competitive and expensive - 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