How To Actually Get A Downtown Rental.. The No B.S. Edition..
This is a touchy subject to me, mostly because it frustrates me how competitive the rental market has become.. Most of you aren’t going to like what you hear in this blog, but I wouldn’t be doing my job if I didn’t give you the straight facts, so here we go (cringes).
Over the past couple of years, the downtown rental market has really caught fire. We are absorbing about 50,000 people in Toronto every year, and with most of Toronto’s job growth in the immediate core, new employee’s and entrepreneurs need somewhere to live!
So what does it actually take to beat out 5 other offers on a rental unit? Well, the best way to avoid this problem is to go for something less desirable! Yes, I said it.. Settle on your living accommodations if you would like to completely by-pass the craziness, this may keep your money in your pocket so you can actually enjoy downtown life rather than spending your entire paycheque on your apartment. Properties which have been sitting on the market for some time are easier to secure. I would only go this route if your credit or employment are not up to par. This is where I get really frustrated with this… Since when is 60k a year and 700 credit score unacceptable you ask? My answer to this absurd question is.. “since a landlord has the option of 10 different people, they hold out for often times for at least $100,000 and excellent credit.
So what if you don’t want an “armpit” unit and actually want to love coming home, how does one do that with 60k income and good credit. Well, you can start by coughing up a larger deposit than first and last.. “How big of a deposit do I have to cough up?!” you say? My answer to that question (unfortunately) is that there is no limit! If you pay the entire year up front you’ve got a very good chance of getting the unit (it hurts me to say that even after paying a year up front you’re not 100% guaranteed the property, believe me). The other way to come out successful from a rental bidding war (rolls eyes) is to submit your offer price above asking. Say the property is listed at $2,000 and they have 4 offers, you’ll need to go $2,100 if you want to bring home the bacon.
Last but not least, help me… Help you!! Have your credit report and employment letter both ready to go, and provide me them prior to viewing units, please. The markets competitive enough, trying to scramble to find paperwork after we find you the unit of your dreams just doesn’t work. Credit info/employment info is strictly confidential and there’s a reason why realtors are screened and have background checks done prior to becoming licensed. If you ever think your realtor is sharing your personal info you must report them to RECO immediately, this is not a light offence and they should lose their license.