September 28, 2022
Royal York in The News
RYPM
Major cities in Ontario have seen their average rent prices
rise astronomically during the past year. As Toronto is still emerging from the
COVID-19 pandemic and rising interest rates, renters are finding more
competition that ever to secure a place to rent at an affordable rent. Combined
with the influx of rental scams sweeping the country, renting in Toronto can be
a difficult task for even the savviest tenants.
You always have the option to look for a rental on your own.
However, listing websites have turned into a scam central. On the other hand,
Real Estate Agents are requiring a deposit before you even get a showing
booked, which Royal York Property Management suggests you never do. Matter of
fact, Royal York says to never give a deposit, even if you are told that the
realtor you work with is licensed or the person you are talking to owns the
property, unless you are given a Rental Application Form to fill out with terms
and conditions that protect both parties.
Check Royal York Property Management’s rental application
form by clicking the link below;
How much will my rent cost?
According to the Toronto Real Estate Board, the official
average monthly prices for rental apartments and condos at the end of 2021
were:
Bachelor apartment: $1,574 ($1,578
in central Toronto)
1-bedroom apartment: $1,970 ($1,985 in central Toronto)
2-bedroom apartment: $2,694 ($2,785 in central Toronto)
3-bedroom apartment: $3,578 ($3,792 in central Toronto)
You offer to lease, then lease
“We go through tens of thousands of applications a week and
it is sad to say that when a prospective tenant goes through the process of
having a showing booked, consulting with a Leasing Agent, filling out a Rental Application
Form and is only required to put in a deposit before an Offer to Lease is sent
to the landlord, seems “too good to be true.” – says Jonida Koci, Leasing
Administrator for Royal York Property Management.
Royal York Property Management recommends that you Offer to
Lease and make things clear, before you enter into a Lease Agreement.
We went through Royal York’s Offer to Lease Agreement and
were surprised to see that there is a separate section under the Terms and
Conditions for contingencies. Royal York recommends that your offer must ALWAYS
be contingent upon a deep cleaning of all appliances and bathrooms and surface
cleaning of all hard surfaces.
Have your funds ready – Use e-banking, cheques will delay
your move-in process
To rent through Royal York Property Management or any other
legitimate leasing companies or realtors, you will need to provide your first
and last month’s rent. Royal York gives the option of E-Transfer, as it is
easier to verify the payment and will not delay your move-in process.
Have your documents ready
Amongst other documents, you will be required an employment
letter, which might take you months to get without notifying your Human
Resources Department first. You will need to prove that you are employed or
otherwise financially viable to rent in Toronto. Do not forget to gather your
last 3 paystubs and bank statements as most companies and realtors will require
them.
Be ready to make a quick decision
The Toronto rental market is uber-competitive. If you find a
place you like, realize that if you ‘take the night to think about it’, it’ll
probably be gone tomorrow. Unlike other leasing agencies or realtors, Royal
York Property Management ensures that upon submitting a pre-payment towards
last month’s rent of minimum $750 towards the last month’s rent, your offer is
presented exclusively to the landlord on a first come first serve basis so that
there is no bidding war.
If your offer is declined or there is no input from the
landlord, Royal York Property Management will refund your prepayment
immediately.
Don’t lie on your application
While it might be tempting to make yourself “look” like a
better tenant, having a friendly relationship with your landlord will pay off
in the long run.
https://royalyorkpropertymanagement.ca/tenant
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