All You Need to Know About Renting in Toronto

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One of the very important things you should take care of when you decide to move is the housing option. So that’s another essential task on your to-do list. What is also important is to choose the option that best suits your needs and your budget. For example, buying real estate can be a big challenge because you must shell out a large amount of money. But, if you decide to rent, this option has many benefits. And we will talk about it today. So, the topic of this story will be renting in Toronto. And we at moving and storage Canada company will help you relocate after you learn all you need to know about renting in Toronto. But first, we will reveal to you what kind of life awaits you in Toronto.

Life like in Toronto

What you must have heard by now is that life in Toronto is expensive. Unfortunately, that information is correct. Toronto is one of the most expensive cities, and it’s even 66% more expensive than other cities in North America. But despite the high cost of living, which according to livingcost.org is $2,348 for a single person and $5,264 for a family of four, life in Toronto is possible and offers high living standards. Toronto is considered one of the strongest financial centers in Canada and has a very healthy and strong economy.

Toronto during the night
Toronto may be a very expensive city, but despite that, it’s a city with the best life possibilities!

If you are moving to Toronto for work, then you are doing the right thing. Industry Sector Support in Toronto revealed to us that the main industries in this city are Aerospace, Design, Education, Fashion, Film Industry, Hospitality, Finance, etc. So, what you can conclude based on this is that Toronto is a really good choice for a career. And companies that offer great job opportunities are Penguin Random House Canada Ltd, Philips Canada, Points.com Inc, Procter & Gamble Inc, etc. So, life in Toronto is full of opportunities, both for life and for fun. Also, this city has incredibly beautiful nature with over 1,500 parks. Additionally, movers in Toronto are there to help you with your relocation, whatever the reason for your move may be.

Where to live in Toronto?

Before we reveal to you the most important things you need to know about renting in Toronto, we will tell you about several excellent neighborhoods in Toronto where you can live. Because at the same time, one of the also very important tasks to do during your move is choosing the neighborhood in which you will live. So, consider our suggestions, because the neighborhoods we will introduce you to have the best housing and rental options.

Rented apartment in Toronto
Wherever you rent an apartment, you will always have a beautiful view of Toronto.
  • Annex Neighborhood. If you want your neighborhood to be near the best schools, then Annex Neighborhood is your choice. This neighborhood offers you excellent housing options, and the average rent is around $1,744. Also, the Annex Neighborhood is a place filled with numerous amenities, including restaurants and fitness centers.
  • Liberty Village. This neighborhood is full of great housing options, and it’s also a place where you’ll be able to get away from the hustle and bustle of the city. This community offers you rental options from $1,671 and is also one of the most affordable.
  • Yorkville Neighborhood. Life in this neighborhood is bohemian, and the place itself is full of top shops and restaurants. Here you can find luxury residential buildings and apartments at a monthly price of only $2,919.
  • Bloor West Village neighborhood. This neighborhood is ideal for families and is close to Toronto’s High Park. This place is in a residential area, and if you want a three-bedroom apartment, the rent can cost up to $5500 a month.

So, explore these options, maybe one of them meets all your needs and desires.

Before you rent an apartment in Toronto, plan your budget!

What you should know when it comes to renting is that you will need to plan your budget before you start looking for rental options in Toronto. Budget planning isn’t a difficult job, but it will make the whole thing much easier. It can also be used as a search filter because you can look for an apartment within your budget. After choosing the perfect neighborhood for you, you need to research all the living expenses that await you in one month. And after that, consider your budget and see how you can fit in. What is important is that you always have enough money to cover the costs of rent and utilities. And also, don’t worry about additional space. Because residential movers in Toronto offer you storage options that will save you money and at the same time be the most cost-effective option in Toronto.

A person who plans a budget before renting in Toronto.
Set your monthly budget and make sure you cover all your monthly expenses in Toronto.

What do you need to know about renting in Toronto?

So, by now you have been able to find out a lot about renting in Toronto. But that’s not the end. In order to be able to make the best choice for yourself, you must be well informed. You need to know everything about the rental prices, as well as how to find the perfect rental option for you. And also, know that finding and renting an apartment is not a job you can finish in a day. Especially if you live further away from Toronto and plan to move here. This also applies if you are moving from Toronto to Ottawa. So, we will reveal to you several important things that you need to know about renting, but also how to do it.

Important things you need to know about renting in Toronto:

  • Rental prices in Toronto
  • The rent is paid in advance
  • A contract with the landlord is mandatory
  • A real estate agent can help you

How much renting in Toronto can cost?

So, as you could see, in Toronto, you can find a large number of excellent neighborhoods in which you can live. And your final choice depends exclusively on your possibilities and your needs. Also, Toronto offers you a large selection of options for housing, starting with the possibility of renting a house, renting an apartment (one-bedroom, two-bedroom or three-bedroom), as well as the possibility renting a condo. So, what is important for you to know is that whichever option you choose, furniture movers in Toronto can lend a helping hand. So, you need to be informed about the rental prices.

Apartment for renting in Toronto
Toronto offers you many housing options, choose the one that best suits your needs!

According to data from Zumper, there are currently 1,595 apartments for rent in Toronto. And the average price is $2,350. Also, one of the interesting data is that during the last month (January 2023.), the rent of a studio apartment remained the same, while the price of renting a one-bedroom apartment increased by 3% to $2,350. And also, the price for a two-room apartment increased by 2% to $3,000. Rental prices can also depend on the location. For example, the rental price in Davisville Village, North Toronto, and The Village is $2,400, while in Riverdale it is $2,325, and for example in City Place $2,425.

Is the rent paid in advance?

Another very important thing to know when renting an apartment is that you may have to pay rent in advance. So, most landlords or real estate agents have a rental policy of paying 3 to 5 rents in advance. This is solely for the landlord’s security reasons. So, if you decide to rent an apartment in Toronto, check your budget, and make sure that you can pay at least three rents in advance. Paying rent in advance isn’t a scam, but this item will be clearly stated in the apartment rental contract. But the good news is that moving services in Toronto don’t require payment in advance. You will already be able to request a free moving estimate and choose the services you need.

A couple after moving and renting in Toronto
Searching for an apartment as well as moving can be a tiring experience, but in the end, everything goes well!

Why do you need a contract with the landlord?

Tenant problems are a bigger issue. It’s not easy or simple for either side. But when we talk about the contract, it exists to clarify and facilitate the entire rental process, now and in the future. When you decide to rent an apartment, you must know that the contract is the most important thing. Each contract must contain the lease period, the rent price as well as the tenant’s obligations. Contracts when renting are especially important when it comes to business premises. If this time you are renting office space and moving your business, consider hiring office movers in Toronto. So, what you need to know about renting in Toronto is that the contract is the basic thing that will protect both you and the landlord.

How can real estate agents help you?

Whether you are buying or renting a residential or commercial place, the help of a real estate agent will be of great benefit to you. When we talk about Toronto, you can find over 48,000 realtors in this city. And we are sure that at least one of them will be able to help you. So, you must be wondering how now. Based on your budget, your needs, and your wishes, the real estate agent will find several options that can be a good choice for you. They will schedule a visit to each apartment as well as a meeting with you. You will be able to view each apartment. Also, the agent will familiarize you with all the rules and tell you the rental conditions. At the end of the day, the final decision is yours again.

A real estate agent reveals everything you need to know about renting in Toronto.
A real estate agent will help you, save you time and reveal everything you need to know about renting in Toronto.

Helpful tips for renting in Toronto

No one said that renting would be easy and quick. We already warned you about that at the beginning. But we want to help you and make it as easy as possible. That’s why we’re going to reveal some useful tips for renting in Toronto:

  • Before you start your search, determine your needs. Determine whether you want a house, apartment, or condo, the number of rooms, additional space, and yards, as well as whether you want a furnished apartment or not.
  • Familiarize yourself with housing rights and renting an apartment. Find out about the 2006 Act RTA, which sets out the rights and obligations of landlords and tenants.
  • Take time only for this work. Set a budget, hire an agent, and move-in time, because, in Toronto, move-in dates are usually the 1st or 15th of the month.
  • Prepare supporting documents (employment contract, bank statement for the last three months, copy of ID card, a recommendation from the previous landlord).

In addition to these tips, we have one more tip for you. And it concerns the move. We advise you to choose a packing service in Toronto and thus make one of the most difficult moving processes easier for yourself. Professionals will pack your belongings safely and professionally. And you will have time to dedicate yourself to other things during that time.

You know about renting in Toronto now and you are ready for the next step!

So, we hope that we have revealed everything you need to know about renting in Toronto. Also, we hope that we have helped you understand how to do it in the easiest and fastest way. But also that we have warned you enough about all the important things that you should do and what you should pay attention to. So, if you are ready, you can start looking for your new apartment. And after that, when you’re ready to move, call Professional Movers Canada.

References:
https://livingcost.org/cost/canada/on/toronto
https://www.toronto.ca/business-economy/industry-sector-support/
https://www.rentfaster.ca/blog/best-neighbourhoods-to-rent-in-toronto/
https://www.zumper.com/rent-research/toronto-on

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