The Toronto Rental Market
According to the Canada Mortgage and Housing Corporation (CMHC), vacancy rates have increased slightly to 2.9% in April 2010 from 2.7% in April 2009. This means that there are now more options for those looking for places to rent and that they can be more selective when trying to find the ideal place.
Seven-point checklist for a successful housing search
- Location: Is it close by to campus? Is it in a central location or is it far from places you’ll frequently need to visit?
- Safety: Is it located in a safe and friendly neighbourhood? Is it well lit at night? Are bus stops located close by? Do they have proper safety procedures and utilities such as fire detectors and emergency exits?
- Facilities: Is it near basic amenities such as a grocery store, pharmacy, bank and doctor’s office? Is it easily accessible to other facilities such as the community centre, gym, local mall, and other places of convenience? Is it close to the transit system?
- Landlord: Is your landlord friendly/approachable? Do you share the same perspective about living conditions and habits? Does the living space require repairs? If so, can they be completed before you move in?
- Rules: Are the rules set by your landlord and/or roommates acceptable? Will you be able to follow them without any hesitation?
- Costs: Is your overall budget realistic? Have all costs and expenses been accounted for? Will you be able to maintain rental payments without making any major sacrifices? Have you set aside funds for emergencies and miscellaneous items?
- The Lease: Does it infringe on any of your rights as a tenant? Are there any details that should be included in the agreement that aren’t? Make sure you have completely reviewed the lease before you sign it and know all your rights as a tenant. For a list of relevant Web sites with information about tenants rights, click here.
Take note of the length of the lease, the exact amount of rent each month, payment arrangements, subletting agreements, and tenants and landlord responsibilities. For additional questions or concerns, please contact the Off-campus Housing office at 416-736-5144.
Off Campus Housing
Student Community & Leadership Development (SC&LD)
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