Renting 101

Sometimes my clients aren’t selling their homes so they can buy new ones – they’re selling to cash out their investment, and aren’t sure what’s next. For instance, I worked with a young executive who owned a condo downtown and planned to move in with her boyfriend to a house they’d buy together. We listed her condo and sold it quickly, but by the time it sold, she realized her boyfriend’s past credit problems would be an issue in getting a mortgage together! So they were up in the air. We talked at length and she decided it would be best to rent an apartment together. That way, they could try out living together without the major responsibility of homeownership, while he worked to repair his credit.

Home For Rent by "Plum Pretty Sugar"

This is just one of many possible reasons to rent after you sell your home. Finding the perfect apartment doesn’t happen by chance. Before you commit to a 1-year lease, here are some tips to help you navigate the Toronto rental market:

• Know your price range: Remember to factor in utility costs and parking (if applicable)
• Location: If you plan to buy a home down the line, why not get an apartment in the general area you’re considering, so you can get to know the local amenities? Renting is an ideal, low-commitment opportunity to get to know a neighbourhood.
• Type of apartment: Size does matter. You might be in your apartment for longer than you think, and moving is a big hassle – plan for as much space as you can comfortably afford, so you’ll have room as your possessions expand.
• Features and amenities: Is an en suite or on-site laundry facility important or do you mind going to a laundromat? Does the building feature security features such as security patrols or video cameras? Do you want the convenience of a dishwasher, an on-site gym or pool, a balcony etc.?

Inspect the apartment carefully before signing a lease. Whether you’re looking at high-rise buildings or cute private apartments in residential homes, remember that landlords are landlords – there are good and bad ones everywhere. If the apartment needs work, does the landlord promise to complete this work before you move in? Reluctance to make repairs does not bode well; you don’t want to hassle your landlord or property management company down the line, to get basic repairs and maintenance done. What concessions will they offer you? Don’t be afraid to negotiate with a landlord for upgrades and freebies. They may reject your requests, but they could also accept them or counter-offer. Most importantly, don’t let a low price suck you in – there could be a good reason for that low price, and it may not be pretty. Here some the things you’ll want to look for:

• The building: What is the state of repair outside and inside? Are common areas kept clean and in good repair?
• The apartment: Take note of general appearance and upkeep. Are the carpets or flooring worn? Are the walls cracked or in need of paint? Is there staining on the roof or walls (an indication of a water leak)?
• Check all light switches and outlets to ensure they are working.
• Doors and windows: Are there secure locks, a peephole and deadbolts on all outside doors? Check for drafts around windows, doors, light switches and electric outlets. If you are paying for heating, a drafty apartment could be cold and costly in winter.
• The kitchen: Check faucets for water pressure and hot water. Examine the base of the faucet for leaks and look under the sink for signs of water damage. Turn on the stove and oven and check that the fridge, dishwasher and any other appliances are in good working order.
• The bathroom: Check faucets for water pressure and hot water. Examine the base of the faucet for leaks and look under the sink and around the tub or shower stall for signs of water damage. Press gently on tile. If the tile moves, it could be a sign of water damage in the wall behind the tile. Flush the toilet to ensure it drains properly.

Questions to ask before you sign the lease

If you’ve found a great place and thoroughly checked it out, it’s time to ask the landlord about the details of the lease and any other building regulations. Get promises in writing if you can. You’ll want to know…

• How long is the lease? (Typically one year, although shorter periods including month to month are available.)
• Can I sublet the apartment if I want to move before the lease period is over?
• How much of a deposit is required (usually first & last month’s rent)?
• Can I have roommates?
• Are any utilities included in the cost of rent? What about parking?
• Are there special building rules regarding quiet times, pets etc.?
• What is the procedure for obtaining repairs to the apartment? Is emergency maintenance available 24 hours a day?
• What maintenance (if any) am I responsible for?
• What changes can I make to the apartment (paint, wallpaper, carpeting, pictures or shelves that attach to the wall)?
• When can I move in?