Moving to Toronto? Here’s How to Make Your Rental Application Strong!
Toronto is the largest city in all of Canada with the highest population, making the city’s rental market quite competitive!
Toronto has plenty of job opportunities from many different industries and offers well-recognized universities and colleges that attract international students. These reasons, along with many other perks this city comes with, makes Toronto an ideal city for people to relocate or immigrate to – which is why it’s important to make your rental strong and stand out with the support of a professional real estate agent!
First Impressions Matter
First impressions are important and if you’re applying for a rental property listed on the MLS, you won’t be submitting your application directly to the landlords. So, how can you leave a good first impression if you can’t communicate with the landlords?
Step #1, make sure to have all of the required documents completed and sent. If landlords or their agents have to ask for a document that should have been submitted, it gives the impression that you are unprepared. So, stay organized and make sure to submit all of the following supporting documentation:
- Government Photo Identification
- Employment Letter (not an employment job contract)
- Last 3 pay stubs from your workplace
- Full credit report
- Previous and present landlord references
- Personal references (non-related persons)
Ensure all documents are recently obtained and dated as landlords and their agents will want the latest reports.
Additional Supporting Documents Can Help!
On top of the typical required documents listed above, any other documentation that tenants think would support their application in making it more strong and valid is optional.
For example, if tenants want to inform landlords that they have a significant amount of funds saved by submitting bank statements showing proof of funds this will provide the landlords a sense of financial security.
Another idea to make a rental offer more appetizing for the landlord, although it’s not mandatory, is to provide more than the first and last month’s rent as a deposit, if possible. This shows the landlord that you can financially save and provide more than the required deposit, and the landlords may feel more confident to take you on as a tenant.
Work with a Real Estate Professional
As a tenant, this will help you out tremendously for numerous reasons! Instead of applying for a rental property directly to the landlord’s agent, attaining your own real estate agent to
represent you will provide you with the following benefits:
- Provide you with guidance on the entire rental process
- Help protect you by reviewing the offer contract and any counter offers the landlord may make
- Provide listings from the MLS system that meet your needs
- Schedule and attend all showing appointments
- Negotiate on your behalf
- Provide guidance on closing to-dos before you take occupancy
Note: The landlord’s real estate agent represents the landlord and is obligated to prioritize their loyalty and services to them.
It’s highly recommended that tenants secure their own real estate agent to ensure their interests are equally protected. Having an agent dedicated to you means access to expert advice, effective negotiation on your behalf, and guidance through the leasing process without any cost to you, as the landlord typically covers the commission. This way, you can make informed decisions with confidence and have someone in your corner advocating for your needs.
If you’re looking to rent your next home, feel free to reach out to our team to speak with a real estate agent—we’d be happy to assist you throughout the process!