Renting Monthly in Toronto - Our Guide

Last year, Toronto’s Tenant Issues Committee published a report which revealed that 47% of residents in this city are renters. The number is expected to grow despite increasingly prohibitive rent rates, considering how convenient businesspeople and students find the amenities of Toronto’s apartments. While lease terms usually cover annual rent, some property owners put up rent under a month-to-month basis. If you are among those who will only be staying in the city for just a few months, then a month-to-month lease is what you should look for. This type of lease renews each month within the period of your stay, which means you don’t have to sign papers and run errands now and then.

People who would find month-to-month rentals convenient

Those who are in Toronto for a business trip of less than a year would find month-to-month rentals economical, compared to booking a hotel or leasing a property for an entire year. Some students who are studying in any of Toronto’s colleges or universities may find month-to-month leases convenient, especially if they’re nearing graduation and doing an internship.

Getting the right lease for the right price

Toronto has a lot of apartments which offer prospective tenants monthly lease terms. Thus, the more patient you are in looking for a place to stay, you will be more likely to find a great place to stay that is within your budget. That persistence also extends to negotiating with landlords. You can also take advantage of any deals that you may encounter. What is essential is that you find an apartment that will only charge you for rent and utilities. You can sign-up for extra amenities or add-ons if these still fit your budget.

It’s not only the rent that matters. You should also learn as much as you can about the place you’re planning to stay in, even if you aren’t going to stay there for more than a few months. You can try speaking with the other tenants there if you have time. Ask them questions about things that could affect the quality of your stay there, such as traffic, noise, neighbours, crime, and any of the property’s safety features. You should also take note of the area around the place, especially during the early evening when most people are getting back from work. Observe how many there are and how they behave.

You also need to tour the unit you’re planning to rent. Are the walls too thin? Are there safety features such as fire exits, extinguishers, smoke detectors, and emergency lights? How much living and sleeping space does the apartment have? How far is it from the nearest health facilities, groceries, and bus stops? Consider these factors in measuring the quality of the place before you decide if it’s worth your money or not.

Don’t forget your rent documents!

Before you sign the lease papers, read them very carefully. You can ask the landlord to give you a day to go over the papers. Check if there are hidden charges or other unfair and unfavourable clauses and iron out these issues with your landlord. If there are none, make sure you understood what the terms say, such as rules on pets, repairs, sub-leasing, and room makeovers. Once you’ve signed a deal with your landlord, ask for a written copy of the terms and conditions of your lease agreement.

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