To say the condo rental market in Toronto is hot is an understatement. Renting a condo in Toronto is a competitive, fast paced, and can feel like a full-time job. That is why we’ve created the complete guide to renting a condo in Toronto. Everything you need to know from start to finish on renting a condo in the city.  

Here we will cover:

• The condo landscape 
• Rental market dynamics 
• Rental search criteria 
• Where to look to rent a condo
• Application process 
• Terms of rental agreement
• Ontario Tenants Act 
• Moving day 

The Condo Landscape 

A quick history briefing on the condo landscape in the city. It wasn’t until 1967 that condominiums in Ontario were recognized as a legal home. The condo surge in the past 55 years has greatly altered the real estate landscape and has become a popular option for many. And nowadays it is more than common to see Torontonians either own or rent a condo.

According to 2022 Rental Market Report by the Toronto Regional real Estate Board, there were 13,366 condo rental transactions reported through the MLS in Q3 of 2022. While this number has declined by 17.3% compared to Q3 2021, there was also a decline of an annual rate of 25.6% of condos listed for rent. Thus, currently making the market extremely competitive for renters. 

Rental Market Dynamics 

Landlord vs Tenant market: Landlord’s vs tenant’s market in the rental world is comparable to seller’s vs buyer’s market in homeownership. This will fluctuate based on the market and will be dependent if there are more condos to rent or there are more people looking to rent condos. Right now, because there are more people looking for condos, landlords can be pickier as to who they have rent their space. Keep reading to find out how you can make yourself the most desirable option to a landlord. 

Approximate rental pricing: Monthly rent on a condo is determined by things like desirability and age of building, location, size, and current rental market. These factors all come into play when a landlord is pricing their rental unit. 

Current prices on average (as per zumper):

Studio: $1,746

One bedroom: $2,193

Two bedrooms: $2,750  

According to the 2022 Rental Market Report by the Toronto Regional real Estate Board, the average rent for condos in Toronto were up by double digits. It also states that due to so much competition in the condo rental market, rent is increasing drastically with no end in sight. 

Low supply: Why is the rental market so competitive? It is a simple case of supply and demand. Yes, there are lots of condos in Toronto. A quick look around the city will tell you that. However, there are still more people currently looking for condos to rent then condos available. This is why you’ll often see condos snatched up so quickly after they are listed.  

Rental Search 

It is wise to consider looking around 4-6 weeks before your desired move in date. Listings in the city typically fall within this timeframe. Don’t wait last minute to start looking. 

What to look for when renting a condo?

There are plenty of things you’ll want to consider when looking for the perfect place for you. Knowing what your criteria is for a place is going to act as a great filter and help you narrow down your search. Use this list as a guide to help determine your desired criteria for a place: 

Size: How much space are you looking for? How many bedrooms do you need? Is it important for you to have outdoor space, like a patio or balcony?   

Amenities: One of the great things about renting a condo are the additional perks of the building’s amenities. Amenities vary from condo to condo and can range from fitness centres, party rooms, outdoor terraces, game rooms, and beyond. Keep in mind that the more amenities offered, typically comes with a higher price tag. 

Location: What is important in a neighbourhood for you? Are you looking for a location that is a quick commute to work, or that offers plenty of shops and restaurants? Location is another key factor that will influence rent. The more local amenities and sought after the area is, the more it will cost you. 

Rules: Every condo comes with a set of rules. These policies vary from place to place, and can include things like pet restrictions, short term rental rules, and so on. Along with condo policies set out for the entire building, the owner of the unit you are directly renting from may have their own set of rules you will also be obliged to follow. 

Where to Look to Rent a Condo?

So, you have an idea of what it is you want and what area you want to live in. Next step is how you actually find this condo. Thankfully, the internet is a wonderful thing and conveniently has a plethora of sites dedicated to helping you. 

Condodork.com: Good news is you’re already at one of the best search engines for finding condo rentals in Toronto. To start your search head on over to the top left hand corner of your screen. Beside Condo Dork you will see a drop down menu titled “Select Region”. Select Toronto. This will take you to all Toronto listings. Head over to the top right hand corner. You will see the option to select “For Rent”. Once selected this will show all rental offerings in the city. 

From there you can utilize the toggles, varying filters, and interactive map to cater to your specific needs. 

Listing services: There are countless internet listing services and resources showing rental options in the city. Check out places like:

• Realtor.ca
• Zumper
• PadMapper 
• Zolo.ca
• Facebook marketplace 

 What to consider when searching for your perfect rental:

• Utilize an agent who specializes in condo rentals in the city 
• Diversify your web search 
• Expand your perimeters 
• Have an idea of what rent should be in the area you’re looking for 
• Keep an open mind! 

Application Process

Sometimes finding the condo itself is not the hardest part about the renting journey in Toronto but rather actually getting the place. It’s a competitive market, and good places go extremely quickly. That is why you need to be even quicker when you find the place for you. Being prepared is going to help give you that competitive edge to secure your dream rental. It will also showcase you as a desirable candidate to the landlord showing them that you are serious and mean business. 

Follow these steps to make sure you’re prepared when it comes to securing your rental: 

Rental application form: Because it is such a competitive market and landlords want to make sure they get the best tenant in their place; most will have a rental application you will be required to complete.

Have the following documents ready: 

• Reference from previous landlord 
• Record check
• Credit score
• Letter of employment 
• Last two paystubs 
• T4 (if self-employed) 
• Deposit (first and last months rent) 

You may be thinking that this seems like a lot, especially just for renting. But renting a condo is no joke, and landlords are very committed to making sure they are getting the right people into their place. They want tenants who are not only going to respect and maintain the place but are also going to be able to pay the rent each month.  

If you want to give yourself the best chance possible to secure a place, you’ll want to take the time to get the above mentioned in order. Having these documents prepared is going to make things run a whole lot smoother and a whole lot quicker. 

Terms of Rental Agreement 

Congratulations, your rental application was approved, and you have the place! Well, almost. Next comes the lease. The lease is a formal contract between the landlord and the tenant (you). This contract will outline what rent is, when rent is due, the lease date, and various rules surrounding your occupancy of the condo.  

Things to consider when looking over the lease:

• Pet rules: Do you currently have a pet and/or planning on one in the future? 
• Decorating: Some landlords are strict regarding what can and cannot be done to the place.
• Additional deposits: Are there additional deposits you are required to provide aside from the standard first and last month’s rent?
• Utility responsibilities: Often outlined in the description of the condo is if utilities (hydro, gas, water) are included in rent or is a separate responsibility on the tenant to cover. 

Leases typically run for a 12 month period. While this is the norm, there are some exceptions, and you can find different lease options. Less likely, but an option. Once you’ve completed your full year lease, and you have not signed another contract, you automatically move to a ‘month-to-month’ agreement. Unless otherwise stated in your lease agreement, you are required to provide 60 days before moving out if you are in a ‘month-to-month’ agreement.

Ontario Tenant Rights 

Rent increase: Rent increases in Ontario are controlled. The guideline for rent increases in Ontario for 2022 is 1.2%. Starting in 2023 the allowable rent increase will jump and be capped at 2.5%. Landlords are allowed to increase rent once every 12 months. 

Rights to access the property: Your landlord has the right to enter your unit for the purpose of repairs or maintenance. However, landlords are required to provide 24 hours’ notice (unless an emergency) before entering.   

Pets: You are technically not allowed to be evicted on the basis of owning a pet. However, a landlord can refuse initial acceptance of rental if you have a pet. Note that when renting in a condo and the condo has a policy against pets the condo’s rules trump the Residential Tenancies Act. 

For further information on your rights as a tenant, check out Ontario’s Residential Tenancies Act. 

Moving Day

You’ve found the place, you’ve been accepted, and you’ve signed the lease! Last step, but certainly not least, is moving in! Moving in can be just as overwhelming as it is exciting. Here are the top things you’ll want to prioritize to ensure it is smooth sailing when it comes to moving day. 

Movers: First things, book your movers as soon as you have a move in date. Moving companies can get booked up quite quickly – this is especially true if you’re moving in peak season. Peak moving season typically runs from April to September, with the beginning and end of each month being the busiest. 

Building Registration: In Ontario, a condominium registration will happen once all the units and common elements have been completed. Registration will be completed by the condominium management or member of the condo board. Make sure you have this information as needed. 

Book elevator: Having the elevator reserved is going to make the move that much more seamless. This is especially crucial if you are in a larger condo with more people trying to access the elevator. Get in touch with the condo to book the elevator for your move. This may require you to complete a form or connect with management. 

Internet Set Up: When you have your move in date, connect with your internet provider to come in that day (or soon after) to do the initial set up. There is a lot that goes on the first week after moving, from living out of boxes to getting settled. One thing that is going to help with all the hustling and bustling of moving into a new place is having access to the internet. 

Final Thoughts

While it can feel intimidating jumping into the condo rental market, just know that it is entirely doable, and if organized can even be a fun experience. Keep an open mind, be prepared, and enjoy the ride! 

Check out some of our other related articles here: 

• Condo Dork’s 3 Step Formula to Renting the Perfect Condo
• Essentials for a Hassle Free Move 
• The One Where You Move to Toronto