You made a decision to rent / lease a condominium, selected a real estate professional to help you with your search and identified your rental criteria, desired location, budget and move-in day. What's next?
In a rental situation, when dealing with any Landlord, certain documents will be required to be on hand, usually before viewing a condominium rental. In today's fast paced market having the information ready and available will ensure you of an optimal chance to secure the unit.
Following items are required:
When Should You Start Your Condominium Rental Search?
Our investment condominium properties are usually vacant and ready to move-in when we place them on the market. So, our Landlords are looking for immediate to 30-day occupancy/possession. It is usually sufficient enough timing to start your search 30-40 days before your desired move-in day to find your ideal condominium. Condos do not stay on the market long. Units typically rent out in a matter of days. Fresh condo rental invertory becomes available daily.
Deposit. When Should You Have it Ready?
Once your offer to lease is accepted you will want to secure a property so it is yours while you are waiting for your move-in day. Deposit, traditioanally the first and last month of the rental price, is required to be delivered to the Landlord's agent within 24-hours upon your offer is accepted.
Condo Utilities. What is Included?
Usually condominium rentals in Toronto and surrounding areas include all utilities, so the rent is all inclusive.
However, keep in mind, that the new condominium buildings are now instaling separate utility meters for each unit, and usage is not included in the Landlord's monthly maintenance fees. Landlords traditionally pay extra for building insurance, condominium property taxes and maintenance fees. Therefore, tenants are responsible for their monthly utilities charges. So, don't assume, ask your agent what utilities are not included.
Tenant Content Insurance. What Is It and Why You Should Have It?
Content insurance is required by Landlords nowadays in all rental contracts. Content insurance is virtually a protection of Tenant's personal belongings in case of any damage. Tenant is protected by this insurance. Keep in mind that Landlord is paying for the building insurance to the condominium corporation.
Condo Facilities. Can a Tenant Use Them?
Many condominium buildings offer great facilities to the residents which usually include outdoor tennis courts, indoor swimming pools, exercise rooms, saunas, squash courts and etc. The Landlord is already paying for all the available facilities by way of the monthly condo maintenance fees, so these items are usually included in your lease contract. If possible add a clause in your contract that a key to these facilities be provided to you upon occupancy. If you are already paying for a Gym membership, this might save you some money in the long run.
Pets and Condominium Rentals
Many condominium corporations have strict regulations and by-laws about pets. Ask for a copy of the Condominium Rules and Regulations if you are told they allow pets to confirm the restrictions that are placed on size and numbers of pets.
What Is a Service Fee for Having an Agent Help You with a Condominium Rental?
There is no fee to you as a Tenant. How great is that? I can guide you through today's fast paced and highly competitive rental market successfully and within minimal time. I have access to hundreds of rental properties in Toronto and GTA that are updated daily.
There may be other quiestions you may have about the rental process. Searching for condo rentals yourself using online listings can be frustrating and time consuming. Contact me for assistance with your rental search. I am happy to help.