Why a Toronto condo rental may be a better choice than home ownership for millennials

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In a recent study released by the Federal Reserve Bank of St. Louis, The Demographics of Wealth, the U.S. Federal Reserve suggested that young Americans may be better off delaying their first home purchase. The report, which is based on data collected from 40,000 households interviewed between 1989 and 2013, says that “buying a home too early is putting young families on a trajectory to be poorer than all previous generations.”

In an August 7 article by the Financial Post’s Jason Heath, the author argues that the reserve’s position applies equally to young Canadians. “Homes cost more in Canada (averaging $453,560 nationally vs approximately $311,619 in the U.S.), and household debt is higher here as well,” Heath writes. http://rentingtoronto.com/why-a-toronto-condo-rental-may-be-a-better-choice-than-home-ownership-for-millennials/ http://rentingtoronto.com/why-a-toronto-condo-rental-may-be-a-better-choice-than-home-ownership-for-millennials/“Canadian millennials should pay close attention to the advice being doled out by the U.S. central bank.”

These figures reinforce the financial soundness of young peoples’ decision to maintain an apartment or condo rental long past the age when their parents moved into the buyers’ market. With millennials making less money than previous generations, putting together a down payment is no easy task, and high mortgages make it difficult to save for retirement. ip info . A reasonable apartment or condo rental, coupled with a dedicated savings plan and wise investing, may make more fiscal sense than pursuing the traditional path to home ownership.

As the Federal Reserve report puts it, millennials ought to “delay purchase of a home with its attendant debt burden until it (is) possible to buy a house that (does) not make the family’s balance sheet dangerously undiversified and highly leveraged.”

Per a September 2014 Conference Board of Canada report, the current income gap between younger and older workers has expanded to a point where young working Canadians are poised to be the first generation worse off than their parents. The average disposable income of 50- to 54-year-olds is now 64 per cent higher than Canadians aged 25 to 29. Meanwhile, the average price of a detached home in Toronto reached $1.052 million in June 2015, making home ownership an economically unsound proposition for many young Torontonians.

To be sure, home ownership has become a societal norm in Canada, and many young Canadians are drawn to the idea. For those able to safely make the investment, home ownership can be an excellent forced savings plan. But for a generation struggling to find a financial footing, premature home ownership poses substantial risks.

In Toronto, a condo rental offers a wider range of locations to choose from (most millennials won’t be buying a house in West Queen West any time soon, but relatively affordable rentals are plentiful), and allows the tenant to avoid costly expenses like renovations and home insurance on top of a mortgage. An apartment or condo rental also means less obligation and more freedom to relocate should your career, family, relationship, or itch to travel necessitate a hiatus from Toronto.

Renting Toronto has been in the business of placing competent, qualified tenants in owners’ and landlords’ properties since 1999. Whether you’re looking for a condo rental in a great Toronto location, or have a property you would like to rent out, our full-time, dedicated agents will find the best fit for you.

How to have a smooth moving day

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It can be a long process to find a place you want to move into, undergo reference checks and credit checks and sign a lease. If you’ve done all these steps, then everything is ready for you to move in. All you need to do is move your life into the new space, which can be a challenge in itself.

Moving can be a hectic process, but there are some things you can do to ensure everything runs smoothly and that you have a good moving day.

For starters, decide on a date on when you want to move. If you’re moving from rental property to another, make sure you give your previous landlord sufficient notice. Some renters can afford to pay rent at both places for one month, which makes the move less hectic, but also more costly. Whatever you decide, both your previous landlord and your new landlord need to know when you will be moving out or in.

If you are moving from one condo to another, don’t forget to book the elevator in each building. You will need to provide each building with a security deposit, which is usually a bank draft for $500. This is to ensure that the movers do not damage the elevator or hallways of the building while moving out your property. Once your move is done you get your deposit back.

Keep in mind that some buildings don’t allow moving in or out on Sundays. This can be difficult, especially if the month’s end is on a Sunday and you need to move out earlier. Once you have a date booked, if you are hiring a moving truck or a moving company, book them as soon as possible.

A few weeks before you start moving, it’s important for you start arranging your belongings and prepping boxes ahead of time. Separate your items between what you plan to keep and what you can get rid of, whether you donate it or toss it. Also, label your boxes to make it easier to find everything.

While looking at the items you plan to keep, determine what needs to be taken part before it’s moved and get that done earlier so you’re not trying to take a part your bookshelf on the big day.

Meanwhile, don’t forget to change the address for any bills, banking or credit card statements, magazine subscriptions or important documents. Even after you move, either set a forwarding address for the leftover mail to be sent out or notify your previous landlord that you may drop by on occasion to pick up any mail that continues to be sent to that address. You may also want/need to purchase tenants’ insurance and if you’re doing so, contact your insurance company ahead of time to notify them of the change in residence.

Also a day before the move, confirm with the moving company the time they’re expected to arrive and the location to avoid any confusion or delays. You should also have the keys or have an appointment set up with your new landlord to receive them on the day of your move.

On the day of the move, you should have a bag/box packed with all essential, which should be clearly labelled. http://rentingtoronto.com/how-to-have-a-smooth-moving-day/ http://rentingtoronto.com/how-to-have-a-smooth-moving-day/ http://rentingtoronto.com/how-to-have-a-smooth-moving-day/If you’re moving out from another rental property, make sure the fridge is clean and any other leftover food items are either packed or tossed. Once all the boxes are moved, inspect the space to ensure you have everything.

Once you arrive at the new location, unload all your belongings and settle into your new home!

Renting Toronto has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999. Our company has full time dedicated agents renting properties on behalf of owners and owners have the final say on all prospective tenants. Our website receives thousands of hits monthly and as a Homeowner or Landlord you can display your rental property on our website at a very low cost compared to our competitors!

How to handle issues with your landlord

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When you rent from a landlord, it’s always in both of your best interests to have a good relationship. Unfortunately, sometimes this doesn’t always happen.

Renters should be aware of their rights as a tenant and how to appropriately handle any issue to avoid any legal repercussions.

Does my landlord have the right to visit?

Renters may not realize it, but landlords have various situations where they’re allowed to enter the property, with or without notice. It’s in both people’s best interests to know ahead of time. In Ontario, landlords may enter without notice due to an emergency, if the tenant decides to let them in, if it was decided that the landlord will need to regularly visit to clean the rental unit and if both the tenant and landlord have agreed to end their rental agreement, the landlord can show the space to other prospective tenants without notice.

Besides these scenarios, landlords are expected to give renters at least 24 hours written notice before stopping by, which should include details such as why the landlord needs to stop by and when the landlord plans to visit. While a landlord is allowed to stop by, landlords are expected to limit the number of times they visit.

In Ontario, tenants may deny the landlord entry if it doesn’t follow the Residential Tenancies Act, but it being an inconvenient time isn’t a good reason to.

What issues might you encounter?

When you rent a property, it’s expected that both you and the landlord will come to an agreement into who will handle property maintenance, such as snow shovelling or mowing the lawn, and that certain rules may be set.

If you’re renting an apartment, it’s expected that you’re living in a manner that follows the building’s rules, such as avoiding excessive noise at night or not smoking indoors if it’s against the building’s rules. If you live in a way that violates the city’s bylaws, the police can be called which may lead to warnings or fines.

The landlord has the right to ask a tenant to either clean up their space, if it’s extremely dirty, or make repairs to the unit, if they damaged it, through either a verbal or written request. http://rentingtoronto.com/how-to-handle-issues-with-your-landlord/ http://rentingtoronto.com/how-to-handle-issues-with-your-landlord/If you don’t comply, the landlord may take their issue up with the rental authority. If you feel that you’ve been wrongfully accused of a situation, you may need to gather proof and witnesses to show otherwise.

Meanwhile, landlords are expected to complete emergency repairs in a timely manner, but tenants must be aware that they’re not allowed to withhold rent as leverage since that could lead to your eviction.

 

How to rent an apartment with bad credit

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Many landlords conduct credit checks on potential tenants since it gives them an idea of how likely they are to pay their rent on time based on how well they manage paying their other debts.

But if you made some financial mistakes in the past, you may find that it will come back to haunt you when it comes time to find a place to rent. Most derogatory information will remain on your credit report for about six years, which is why you need to manage your credit well, avoid paying your bills late or defaulting on any loans.

If it’s unfortunately already happened, be aware that you may face a tougher time when it comes to finding a place to live and give yourself extra time to find a place to call home.

Before your start your apartment search, the first step is to check your credit report. This way you won’t be surprised by any unexpected issues. This is important since your bank or another service provider may have made a mistake in processing your bills or your identity may have been stolen and you’re left on the hook. If this is the case, get in touch with the financial institution and the credit reporting bureaus to resolve the issue and ensure that a note is made about the problem if it isn’t cleared up right away.

If your credit rating is due to a financial mistake on your own accord, the best thing you can do when applying to move out is to be upfront and honest about the issue. Get your previous landlord as a reference to vouch for you and you might consider attaching a letter or a receipt from your previous landlord or an explanation letter about the situation.

If you’re able to demonstrate good proof of employment, solid income and good references, landlords may not solely base their decision on the results of your credit report.

Landlords are legally allowed to reject potential tenants based on their credit reports and your best bet is not to try and hide your previous mistakes, but rather show recent evidence that you have paid your bills or rent on time.

A landlord may choose to accept you as a tenant, but they may request you to have a guarantor or a co-signer for your rental application. While you will be the person renting the property, your guarantor will be responsible for covering the rent if you miss a payment. Make sure you talk to close friends or family before submitting their name in your application.

Another way to entice a landlord to rent to you is offering them a higher security deposit to assuage their fears, offer to sign a shorter term lease so you’re able to prove yourself first or offer to move in right away.

It may take longer, but you should be able to find a place to rent, though you may not have as many choices. http://rentingtoronto.com/how-to-rent-an-apartment-with-bad-credit/ http://rentingtoronto.com/how-to-rent-an-apartment-with-bad-credit/Don’t be deterred by the situation and continue to monitor your credit report accordingly to prevent any future issues from putting a damper in your renting plans.

Renting Toronto will always conduct credit checks when consider renters for condos for rent in Toronto. Our company has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999 and owners have the final say on all prospective tenants.

What questions should tenants ask landlords?

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If you’re about to move out from your parent’s home, it’s an exciting time. While it’s tempting to decide on the first place that looks good, there’s more you need to consider besides the initial showing.

During your showing, you’ll want to check that the space is safe for you to live in and whether it suits your needs and the people you plan to live with. There are also many details you should ask your landlord before coming to a decision.

Utilities – In your home, you use water, electricity and heat in your day-to-day activities. You should always ask the landlord what type of utility is used, such as gas or oil, along with the average monthly cost of the unit. If you’re renting a condo, sometimes utilities are covered in the condo fees the landlord pays, which means it could be covered in the cost of your rent. Also, if you’re sharing a space with other renters, you’ll want to know how these costs will be split. Some living arrangements also come with Internet and cable, which may or may not be included in your monthly rent.

Lease agreement – In Ontario, landlords and tenants aren’t required by law to have a written lease agreement, but this could protect you in the long run if you are ever involved in a dispute with your landlord. Ensure that your lease agreement covers all these terms about your stay and you might want a lawyer to look it over before signing.

Restrictions – Some landlords may be very particular about the space they’re renting out. For example, some landlords won’t allow you to paint the walls or hang paintings since you will need to put nails into their walls. Also, you may not be allowed to own pets or smoke and it’s important to establish the rules before signing a lease.

Current tenants – There’s no harm in learning more about the previous tenants. If it’s due to a dispute with the landlord or another building issue, this might make you think twice about living there.

Neighbourhood – You’re likely searching for a place that’s near to either your workplace or school, but you’ll also want to consider your lifestyle when choosing a place to live. If you enjoy eating out, are there a lot of restaurants in the area or if you don’t own a car, are you near transit. Also, the neighbourhood’s safety may also play into your decision.

Amenities – Some rental listings include fully furnished properties, while others provide no furniture at all. Depending on your living situation, this may affect what you bring. Also, if you’re looking at condos or apartments, you’ll want to know if there are any extra perks, such as a gym, a bbq area or a party room. If you own a car, you’ll want to know if the property comes with parking and if not, where you could park your car, along with where any guests can park.

Property maintenance – If you’re looking to rent a house, ask who will be responsible for chores such as mowing the lawn or shovelling the snow. Also, inquire about how minor or major repairs should be handled and where can you reach the landlord if you have any issues or questions.

While the answer to these questions may take you longer to find a place to rent, you’ll be glad you did when it saves you time, money and hassle in the long run.

Renting Toronto has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999. Our company has full time dedicated agents renting properties on behalf of owners and owners have the final say on all prospective tenants. Our website receives thousands of hits monthly and as a Homeowner or Landlord you can display your rental property on our website at a very low cost compared to our competitors!

How to handle repairs when renting

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When you’re renting a place, you’re the person who has to live through any issues or quirks in the space you’re living in. By law, landlords are required to fix and cover the cost of any emergency repairs that could jeopardize the renter’s health and safety.

It’s important for renters to understand what would be considered to be an emergency repair and how they should proceed.

When a renter discovers a problem, their first step is to contact the landlord, at least twice, whether it’s by phone or email. Renters should take note of when they attempted to get in touch and they should allow for a reasonable amount of time for the landlord to get back to them.

Meanwhile, if the landlord is unavailable and the tenant needs to have the repair done as soon as possible because the issue is causing damage to their personal belongings or is dangerous to their health, they can authorize a repair, but they must hold onto any paperwork.

A tenant can ask the contractors to bill the landlord directly, but if they require payment once the job is completed, a tenant must hold onto any receipts related to the job and ask the landlord to be reimbursed.

If a landlord gets in touch with the tenant while repairs are underway, they can choose to let the repairs continue and reimburse the tenant or pay the contractor for the amount of work they’ve done and find someone else to do the repairs.

Tenants should keep in mind that they should only pay for repairs that are considered be an emergency because if the repair isn’t, the landlord can refuse to reimburse tenants for the cost of the job.

Also, if you live in a condominium or townhouse and a unit surrounding you has a problem, such as a water leak that’s affecting your unit, contact your on-site property manager or concierge since the people may be away. The property manager can get into the unit immediately and shut off a water valve, which will hopefully prevent further damage to that unit, as well as your own. Once you’ve done this, contact your landlord immediately so that he can contact his insurance company, if needed.

A few examples of emergency repairs include:

  • A broken heater when it’s cold outside.
  • The refrigerator stops working.
  • A short circuit in the wiring which could lead to a fire.
  • Backed up sewage system causing flooding in the premises.
  • Broken pipes causing flooding.

A few examples of non-emergency repairs:

  • A minor leak in the roof or one of the pipes.
  • Slow drainage of the sink.
  • One of the doors inside the property won’t close properly.
  • A cracked window pane on a higher floor.

Renters may not know this, but when damage to the property, such as a flood or a fire, destroys their belongings, the tenants are typically liable for the damage, not the landlord. This is why it’s in a tenant’s best interest to buy content insurance to protect themselves.

Renting Toronto has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999. Our company has full time dedicated agents renting properties on behalf of owners and owners have the final say on all prospective tenants. Our website receives thousands of hits monthly and as a Homeowner or Landlord you can display your rental property on our website at a very low cost compared to our competitors!

What is a tenancy agreement?

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If you’re moving out for the first time, you may not be as experienced with what to expect when you rent a property.

Once you find a place you want to live in, an important part of the process is signing a tenancy agreement or a lease agreement. While not all provinces require renters to have a written tenancy agreement or lease, such as Ontario, it’s in your best interest to have this in place.

The agreement will cover details about what both landlords and renters expect during the tenancy. It should include rental details, such as when the tenant can move into the unit, the monthly rent, when rent should be paid, what amenities are available to you, such as parking or utilities, and the tenant’s and landlord’s responsibilities, such as who is responsible for shovelling the snow or who is responsible for the property’s maintenance.

The document should also cover rental rules, such as how much notice the tenant needs to give the landlord before they decide to move out, subletting rules and any details about a damage deposit. It should also include the landlord’s legal name and address for when the tenant may want to reach out to him/her.

A written version of a rental agreement can help resolve any issues that may arise between the landlord and the renter. The document should define the legal rights of both parties, as well as what steps should be taken to handle a problem.

While landlords are free to set their own terms within the agreement, it can’t contain any rules or conditions that don’t follow the province’s renting legislation. For example, renters may take on some repairs on behalf of the landlord, but the landlord is still responsible for the general maintenance and safety of the property they’re renting out.

Once both parties have signed the agreement, the renter should be given a copy. This tenancy agreement can act as evidence for both parties if one party isn’t abiding by the terms that were previously established. domain ip . Once a timeframe’s lease agreement is up, both parties can decide to either renew it. If not, rent should be paid on a month to month basis and tenants still need to give landlords adequate notice if they choose to move out.

Renting Toronto has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999. Our company has full time dedicated agents renting properties on behalf of owners and owners have the final say on all prospective tenants. Our website receives thousands of hits monthly and as a Homeowner or Landlord you can display your rental property on our website at a very low cost compared to our competitors!

What information can a landlord legally ask for?

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Every landlord hopes to find good tenants to stay in their rental property.

When it comes time to choose a renter, landlords should do their due diligence in evaluating any potential renters since it’s in your best interest. No one wants to deal with the headache of a problem renter and this way you protect yourself and your investment by choosing the right person.

While landlords may want to know everything about a renter to help them make a decision, there are some questions landlords are not legally allowed to base their decision on.

What can a landlord ask renters about?

When a landlord meets a potential tenant for the first time, they likely want to know as much about you as you want to know about the property.

Some questions they’re allowed to ask include what your current job is and how much income you earn in a year. While this may seem too personal to you, this helps a landlord evaluate whether you earn enough to consistently pay rent on time. Landlords may also ask you to provide proof of employment from your employer since this verifies your job situation.

To learn more about a person’s financial situation, landlords are legally allowed to ask a potential renter for written permission for a credit check. While a person’s income gives landlord’s idea of how much money the renter earns, the credit check paints a better picture of the amount of debt a person is responsible for and whether they can afford their debt payments and expenses with their income. This helps a landlord ensure they won’t be stiffed on their monthly rent.

The number of people living in the space and who they are is also a question your landlords can ask. If there are other adults, a landlord may ask for their proof of employment as well. All homes are built in a way that follows health and fire safety regulations and landlords will need to know the number of people living on the property to ensure they’re follow these laws.

While renters see owning pets or smoking as their own personal choices, a landlord is allowed to ask a tenant these questions since they could be concerned that these choices will affect their property value. Landlords aren’t allowed to charge a monthly pet rent, but they can charge a pet damage deposit to renters. Each province and territory has its own pet deposit legislation, so be sure to check out details on what’s legally allowed.

A landlord may also ask for a reference, which could be your past landlord, and their contact information since they’ll want to learn more about how you are as a tenant. They might ask your previous landlord whether you paid your rent on time, whether they received many complaints while you were staying there or whether you took care of the property.

What can landlords not ask renters about?

There are some queries landlords aren’t allowed to ask potential renters about since they could infringe on a person’s human rights.

Here are a few examples:

  1. Do you plan to have more children?
  2. What is your ethnic background, religion or sexual preference?
  3. Will your family be visiting?
  4. What is your Social Insurance Number (SIN)?
  5. Are you married, single or divorced?

Visit Renting Toronto for listings on available places for rent in Toronto. Before looking for a place to live, first have a good idea on what you want to look for. Our company has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999 and owners have the final say on all prospective tenants.

What should you look for when renting a property?

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When you rent a place to live, there’s a lot that goes into your decision on where you decide you live. Before you start browsing property listings for available rooms, first figure out what you need in a space.

Cost: For most people, this is a deciding factor when they look at places to live. Always set a budget of what space you can realistically afford. If you miss payments, you may find yourself on facing an eviction notice. When meeting with any potential landlords, you’ll want to know whether the cost of the place covers monthly rent and utilities or if those need to be paid for separately. Also, learn about your tenant rights, including whether your province is regulated by rent controls.

Location: If you’re going to school or working, chances are you want to live a short distance or a short commute away. If you need to take public transit, keep an eye out for your possible routes, or if you have a car, make sure the place you’re renting has parking available and if not, where you can park. Your mode of transportation also affects what you’d like in your neighbourhood. For example, if you don’t have a car, you may want to live in an area with a nearby grocery store, a pharmacy or a bank. If you have children, you may want to live in a place near a park or near a smaller road that doesn’t see as much traffic.

Number of occupants: The number of people living in the space will determine the number of bedrooms you will need to rent. If you have children, seniors or anyone who’s physically disabled who will be renting with you, you will want to take their needs into consideration. The number of rooms you will need will also affect your budget since in certain areas, such as downtown, it’ll be more expensive to find a two- or three-bedroom space compared to renting in the suburbs.

What type of building you want to live in: Some renters may be pickier about this aspect compared to others. Typically renting a basement suite is more inexpensive compared to renting in a townhouse, but you may not be a fan of the lack of sunlight.

What does the space include: If you’re looking to rent a room in a house, you’ll want to know whether it comes with any furniture or if you’ll need to bring your own, which will affect your costs. On the other hand, if you’re looking to a rent a condo, you’ll want to know whether the unit comes with laundry, whether it’s in the suite or located in another part of the building, as well as the other amenities you can access, such as patios, a gym, a pool, an entertainment room or a BBQ. Some of these features you may be adamant on having, while others may not be as important to you.

While your preferences may change as you view properties for rent, it’s always important to have a general idea what you’re looking for so you can make a quick decision, if needed.

If you’re a first-time renter in Toronto, these commonly asked Renter FAQs will help you find the right place to live.

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