{"id":1635,"date":"2022-08-04T14:07:12","date_gmt":"2022-08-04T18:07:12","guid":{"rendered":"https:\/\/www.teamarora.com\/?p=1635"},"modified":"2022-08-04T14:39:18","modified_gmt":"2022-08-04T18:39:18","slug":"toronto-competitive-market-finding-a-rental","status":"publish","type":"post","link":"https:\/\/www.teamarora.com\/toronto-competitive-market-finding-a-rental\/","title":{"rendered":"Toronto&#8217;s Competitive Market: Finding a Rental"},"content":{"rendered":"<p>Finding A Rental In Toronto&#8217;s Competitive Market. It can be stressful to find a rental in Toronto&#8217;s highly competitive market.\u00a0Your search can overwhelming due to higher rent prices, increased competition and limited market information.<\/p>\n<p>No worries!\u00a0This article will help to understand Toronto&#8217;s rental market.\u00a0This article will also give you tips for how to secure the perfect rental.<\/p>\n<p><strong>&#8220;The high inflation rate and high rental demand are driving Toronto&#8217;s highly competitive rental market.&#8221;<\/strong><\/p>\n<p>Buyers are choosing to rent rather than buy due to the high mortgage rates.\u00a0A large number of renters, who used to live in the &#8216;burbs with their parents during the peak of Covid, are now looking for their own place.\u00a0\ud83d\ude42<\/p>\n<p>These are the factors that will make your rental &#8220;win&#8221;.<\/p>\n<p><strong>Let&#8217;s get started&#8230;<\/strong><\/p>\n<p>What can you expect from today&#8217;s highly competitive Toronto rental market?<\/p>\n<ul>\n<li>Multiple applications for a property<\/li>\n<li>Rents newly listed in 3-10 days<\/li>\n<li>Agents requesting &#8220;best and last rent offers&#8221;<\/li>\n<li>Property owners are more selective<\/li>\n<li>Multiple applicants are a concern for property owners<\/li>\n<\/ul>\n<p>8 Tips for Success<\/p>\n<ol>\n<li><strong>Know your credit score.<\/strong>\u00a0Yes!\u00a0Your Credit Score is very important when renting property.\u00a0A credit score of 650 or more is acceptable.\u00a0700 or more is excellent.\u00a0You must have a co-signer who is qualified and willing to support you if your credit score is lower than 700.\u00a0Credit scores are important to owners!<\/li>\n<li><strong>Act Fast.<\/strong>\u00a0Don&#8217;t waste time looking at properties if you already have the one that you love.\u00a0There is likely to not be a better property.\u00a0You have a better chance of getting your application in early and getting your agent to talk to the owner.<\/li>\n<li><strong>Be flexible with the move-in date.<\/strong>\u00a0The owner would prefer a tenant who can begin paying rent sooner than later if the property is not available immediately.\u00a0Be flexible when negotiating a move-in date earlier.<\/li>\n<li><strong>Increase your rent offer.<\/strong>\u00a0With so many applicants for a rental property, it might be worth it to increase the rental price by $100-$500.\u00a0It may be worthwhile to rent out more if you are interested in the unit, but only for a year. The rent includes basic cable, gas, and parking.<\/li>\n<li><strong>You might consider extending the lease term.<\/strong>\u00a0Some landlords prefer to not have to rent every year, and they want a long-term tenant.\u00a0You can offer a 2-year lease.<\/li>\n<li><strong>Look at ALL options.<\/strong>\u00a0A 1 bed +den might work if you need a 2 bedroom\/ 2 bath home.\u00a0The floor plan will determine the layout.\u00a0Do not get too attached to the square footage. You need to be physically present in the space and feel the layout.\u00a0There are many options for 800 square feet.<\/li>\n<li><strong>Be open to different neighborhoods.<\/strong>\u00a0Toronto has many wonderful and diverse Neighborhoods.\u00a0Be open to different neighborhoods.\u00a0Flexibility is a virtue in a competitive marketplace.\u00a0Best Toronto Properties provides information about all Toronto neighborhoods. We serve all of them.<\/li>\n<\/ol>\n<p><strong>Click here to discover Toronto neighborhoods<\/strong><\/p>\n<p>Team Arora is available to help you with your Toronto rental needs.<\/p>\n<p>Our top tip&#8230;<\/p>\n<p>It doesn&#8217;t matter if you are moving from overseas, another country, or another Toronto area, it is best to contact a local agent who can help.<\/p>\n<p><strong>A local expert will be your secret weapon!<\/strong><\/p>\n<p>Your agent will help you set up your search, send you new listings immediately and schedule showings.<\/p>\n<p>They will also have trusting relationships with local agents.\u00a0These relationships can help you locate an off-market rental.\u00a0They can also give you an edge when bidding.<\/p>\n<p>They can also arrange virtual tours for you if they are out of town.\u00a0They will also advocate for you and the owner&#8217;s agent, organize the lease, and help you get settled in your new home.\u00a0After the lease has been signed, the landlord, apartment complex or listing broker will pay the renter&#8217;s agent.\u00a0You have nothing to lose and everything to gain.<\/p>\n<p>You might not know if it is better to rent or buy after reading this article.\u00a0You&#8217;re not the only one!<\/p>\n<p><strong>Click here to find out if renting or buying is the best option for you.<\/strong><\/p>\n<p>Conclusion<\/p>\n<p>We hope you found this article helpful in finding the right rental for Toronto&#8217;s highly competitive market.\u00a0Search for rentals here, or contact\u00a0to help you find the perfect Toronto rental.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finding A Rental In Toronto&#8217;s Competitive Market. It can be stressful to find a rental in Toronto&#8217;s highly competitive market.\u00a0Your search can overwhelming due to higher rent prices, increased competition and limited market information. No worries!\u00a0This article will help to understand Toronto&#8217;s rental market.\u00a0This article will also give you tips for how to secure the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[36],"tags":[49],"class_list":["post-1635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","tag-rental"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Toronto&#039;s Competitive Market: Finding a Rental<\/title>\n<meta name=\"description\" content=\"Finding A Rental In Toronto&#039;s Competitive Market. 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