Rent A Property
LEASING A PROPERTY WITH REAL PAVEL
It is no surprise that renting/leasing is the most sought-after housing option in Toronto and GTA for students, working professionals, new immigrants, retired folks, and a large number of city folks.
With a plethora of listings of apartments, condos, and houses across Toronto’s leasing market, it can be a daunting task to choose the right property to rent. While you can lease an apartment or a house on your own, there are great benefits of renting/leasing from a trusted realtor like Real Pavel.
Why should you lease with Real Pavel?
- No one knows Toronto & GTA like we do. Based on your lifestyle, budget, and other preferences, Pavel can help you find the perfect home for lease in a neighbourhood that fits your needs.
- Leasing in Toronto is a competitive sport. You need to be quick on your feet to rent the house you like. With Real Pavel by your side, you make quick and correct decisions to lease the house, condo, or apartment that other renters are vying for.
- Leasing applications can be complicated with a lot of paperwork involved. Pavel’s expertise in the leasing market helps you complete leasing paperwork without any hassles.
- While many reliable realtors post listings on Kijiji and Craigslist, there are some scammers as well in these platforms that take advantage of renters. That’s why it makes good sense to work with a reliable real estate agent like Pavel.
Steps for leasing a property
Looking to lease a house, apartment or condo in Toronto and GTA? Here’s a step-by-step guide on how to lease a property with Real Pavel:
1. Know your needs
Before we begin property hunting on the leasing market, we need to understand your needs and preferences for a rented home. The first step of the leasing process is figuring out your expectations from a rental property by answering a series of simple questions:
Type of property: Apartment, Condo, House
Number of people living in the property: Individual, Couple, Nuclear Family, Large Family
Number of bedrooms: studio, 1BR, 2 BR, 3BR
Budget: What’s the maximum you wish to pay for monthly rent
Location: Closer to work/school, Connectivity to public transport and local amenities.
Neighbourhood: Preferred Neighbourhood, Lifestyle - Urban, Suburban, Country
2. Check online listings and contact the listing agent
In this step, we will filter out properties in the leasing market based on your preferences listed in the previous step. We carefully browse through multiple online listings and share the ones that we believe fit best with your preferences and budget. Once you like a home from the list of leasing properties curated by us, we will book an in-person viewing of the property by selecting available time slots through the MLS system. If the unit or the house is currently occupied, we are required to give a 24 hours notice before arriving at the property for viewing.
3. View the property
We accompany you when viewing the property, and make sure that you ask all the important questions to the landlord about the lease such as the duration of the lease, moving in date, notice period before vacating the property, etc. We also ensure that you have all the information from the landlord to fill out the leasing application.
4. Fill out the leasing application
We walk you through every minute detail of the leasing application and help you fill all the paperwork on time. Apart from completing the leasing form, you also need to provide the following:
- Valid Photo ID
- Reference from the previous landlord. (Optional but recommended)
- Letter of Employment
- Credit Check Report
- Deposit: First and last month’s rent
5. First and Last Month Rent
In Toronto and GTA, the deposit generally consists of the first month’s rent plus last month’s rent. We make sure to submit the deposit with the leasing application on your behalf. Once the landlord approves your application, you have successfully leased a home with Real Pavel!
The tenants of Ontario are protected by the Residential Tenancies Act, 2006. According to the provincial law, some of the common tenancy rights include:
- Rent Increase: Landlords can increase the rent only once every 12 months based on the Consumer Price Index. In addition, the landlord needs to provide written notice of rent increase at least 90 days in advance. The government of Ontario has put a rent freeze for the entire year of 2021 for most rented apartments, and houses.
- Eviction: Landlords cannot evict the tenant without justified cause. They need to provide the reason for eviction through a formal notice form from the Landlord and Tenant Board. If the landlord is renovating the house, then they need to compensate the tenant and offer them to move back in for the same rent once the property has been renovated. If the landlord is selling the property, the tenant cannot be evicted unless the new owner wants to live in that property.
- Pet Policy: A landlord can’t evict a tenant or refuse leasing to a tenant for having pets. According to Section 14 of the Residential Tenancies Act, a lease can’t include a "no pets" clause, and if they do, that clause is void. However, while renting a condo, based on the condominium board's pet rules, a landlord may refuse to rent the property in the first place. If the condo board has a strict ‘no pet’ policy, the property management can reject your leasing application.
- Right to Access Property: Landlords need to give a minimum of 24 hours' notice before entering the property rented by the tenant.
Renting vs Buying
Confused between renting and buying a house? Let’s weigh in the pros and cons:
Pros of Renting
- Flexibility to move whenever and wherever you’d like after the end of a 12-month leasing term, by providing a 60-day notice in advance.
- Not required to pay for house repairs that occur due to natural wear and tear.
- Cheaper than owning a house as there are no maintenance fees or downpayment costs.
- May receive Ontario Trillium Tax benefit if you are living in a rented property in Ontario.
Cons of Renting
- Renting a property doesn’t build equity as the home is not your asset.
- Can't make changes to the property without your landlord’s approval.
- Have to follow apartment regulations like no smoking inside the property, no barbecuing on the balcony etc.
- No or limited access to the backyard.
- Have to share amenities like laundry, elevators, etc. with other tenants.
Pros of Buying a Home
- Owning a house can give you a feeling of stability and a sense of belonging.
- Buying a house is an investment and a valuable asset as it builds home equity.
- You can receive tax benefits as you can deduct your mortgage interest payment from taxable income.
- You have the freedom to live the you want. You are free to make minor home renovations as a homeowner. However, if you plan to tear down a wall or build extensions to the property, you would need the necessary permits and approval from the municipality.
Cons of Buying a Home
- Owning a house comes with additional responsibilities. You have to pay for maintenance, and take care of the upkeep.
- Property taxes may increase over time.
- Homeownership provides less mobility, and might not be suited for certain lifestyles that require frequent or lengthy travelling.
- Buying a house can be more expensive than renting one, due to factors such as down payment and maintenance and repair costs.
Ready to check out leasing properties in Toronto and GTA? Contact Real Pavel!
If you are planning to buy a home, check out buying a property with Real Pavel!
Frequently Asked Questions
Here are some commonly-asked questions by tenants:
What should be the term of my lease?
A standard lease term signed between the landlord and the tenant is 12 months in Ontario. However, if both parties agree the lease term can be extended over 12 months. Real Pavel does not recommend a lease contract of over 12 months as it locks you into the rental property for a longer period and makes it very hard to vacate within the leasing period. After the 12-month leasing term, your contract becomes month-to-month. Your landlord can increase the rent during month-to-month contracts.
The tenants living in new houses, apartments, and condos that were occupied for the first time after November 15, 2018, are not protected by rent control. This means the landlord can hike the rent as per their wish or put the rental property on the leasing market once the leasing contract becomes month-to-month. However, if you are living in a property covered by rent control, once your 12-month leasing term ends, your landlord can only increase the rent by a small percentage as mentioned in the residential tenancy act.
(Please note: In case of new constructions that weren’t previously occupied, if a tenant signs a lease on or before November 15, 2018, but moves in only after November 15,2018, then that tenant is still qualified to be protected under rent control.)
Read more on rent control here:
What do I need when applying for leasing a property?
Apart from filling out the leasing application, you must also provide supporting documents like a letter of employment, a recent credit report, previous landlord’s reference, and the deposit sum - first month’s rent and last month’s rent.
What happens if I wish to move out during the leasing period?
If you want to move out of the rental property before the completion of the leasing contract, you have a few options. You can end the tenancy contract early if:
You and your landlord enter into an agreement for ending the tenancy early.
You assign the tenancy and the rental property to another tenant.
The Landlord and Tenant Board sends out a written notice to end the tenancy.
You have suffered domestic or sexual violence.
Your lease agreement was signed on or after April 30, and your landlord hadn’t used the standard lease tenancy form despite your written request to use the standard lease tenancy form.
Please keep in mind that once you and your landlord agree to end the tenancy early by signing an agreement, you must vacate the rental unit by the tenancy end date mentioned in the agreement. Change of mind or failing to move out by the tenancy end date could lead to eviction by your landlord. You can read more about ending the tenancy here:
Do I need to pay the rental agent’s fees?
If you use the services of a real estate agent to find a leased property in Toronto and GTA, then be rest assured that you don’t have to pay any realtor fees. Only the landlord has to pay the rental agent’s fees.
What is a month-to-month lease?
When the 12-month lease agreement period is complete, you automatically enter a month-to-month agreement with the landlord. While the terms of your lease are still the same as the initial agreement that you signed, you have the freedom to move out by providing a 60-day written notice.
Do I need insurance for a rental property?
Contrary to the popular belief, tenant insurance is not mandated by law in Ontario. However, your landlord will want you to buy tenant insurance to qualify for lease. Tenant insurance decreases the landlord’s liability if any accident occurs on their property. Real Pavel highly recommends getting tenant insurance as it protects you financially against unforeseen damages to your personal belongings.