What Tenants Need to Know When Renting in Toronto in 2023
2 min read
As we’ve been monitoring Toronto’s rental market throughout 2022, there continues to be significant demand for rental properties but insufficient supply heading into 2023. This means that the tenant vetting process has become an increasingly important part of the rental process.
We’re sharing 4 tips that will help you become an optimal tenant in the eyes of a landlord.
Budget your income effectively: The most important thing a landlord will look for is if you have the income to support yourself and pay for rent when you move in. You must ensure that rent will only take up some of your income when looking for a new home.
Ensure your credit score is in good standing: While some landlords don’t request a credit report, most now require a credit check before being considered a candidate. Maintaining a good credit score will require pre-planning as it takes time to build up your credit score. Consider taking a looking at your score before deciding to leave your current residence.
Keep good references on hand: Being a good tenant at your current rental will help you immensely. Landlords want to know that other landlords view you as a good and trustworthy tenant.
Have key documents ready to go: When you start your search, ensure you have all of your documents ready beforehand. This will include a photo ID, income statements, proof of residence, credit report, references, etc. Be ahead of other potential tenants by being prepared if the landlord asks for these documents immediately.
If you are in the market to rent a property, Westhaven Property Management can help you find your next rental without the hassle!
References
Renting: The Complete Guide to Toronto Rentals for tenants. the BREL Team | Toronto Realtors. (2022, November 29). Retrieved December 6, 2022, from https://www.getwhatyouwant.ca/guide/renting-in-toronto-guide-for-tenants
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