If you’re planning on renting in Toronto, there are a few things you’ll need to prepare ahead of time before looking at rentals and making an offer. It is important to put this information and documents together.
Before Renting in Toronto
Prepare the following documents before you go out and browse homes and condos, and definitely before you prepare an offer to start renting in Toronto.
Rental Application
Your Realtor will ask you to complete a rental application which contains details about you and any other occupants of the rental. Click here to download and complete a copy of the Rental Application. Have it ready before you start looking at rentals with your Realtor.
Credit Report
Your prospective Landlord will request a copy of your credit report and credit score. It is advisable to have this ready in advance. You can order your credit report on www.equifax.ca or www.transunion.ca.
Employment Letter
Landlords will want to know if you have sufficient income to pay rent. Ask your employer for a current employment letter. Have a copy available with you before you make an offer to rent. Landlords will request to verify your income with other documents such as pay stubs from your employer and your annual T4. Landlords may also ask for your Notice of Assessment to verify income. You should have these documents prepared in case the Landlord requests them.
References
Landlords will ask for two or more references. These can include family members, friends and colleagues. The Landlord or the Landlord’s Realtor may contact the references you provide. Make sure you provide current references and notify them ahead of time that the Landlord or Realtor may be contacting them about your rental.
Deposit
Landlords will ask for first month’s rent (to be applied upon commencement of the rent) and last month’s rent as a deposit. You are entitled to interest on the last month’s rent deposit. According to the Residential Tenancies Act, Landlords may also request a key deposit but only if the deposit is refundable and the amount of the deposit is not more than the expected cost of replacing the key(s) if they are not returned to the landlord. The Landlord must return the key deposit back to you at the end of your tenancy.
A landlord cannot collect a damage deposit to pay for damage done to the unit. Also, a landlord cannot use the last month’s rent deposit to cover damages in the unit. The rent deposit can only be used for last month’s rent before the tenancy ends.
The Residential Tenancies Act
You can learn more about renting in Toronto and how the Residential Tenancies Act applies. Visit the Residential Tenancies Act by visiting the FAQ page on the Landlord and Tenant Board website.