Here Are 5 Tips From GTA Realtors On How To ‘Conquer’ The Rental Market & Get Your Dream Home

Let’s face it: trying to rent an apartment in the GTA is tough.

In a report posted in June, a few of Strata’s realtors and agents touched on how quickly units have gotten scooped up off the rental market and how much higher rent has gone up since last year. Rent across the GTA has jumped up by 12% with the average cost going from $2,271 to $2,541 in 2022.

“Low inventory and interest rate paranoia seems to be the culprit of rising prices,” Strata.ca realtor Nate Légaré shared in the report.

“After a winter hibernation, rental markets are roaring back this spring with multiple offers, large rental deposits, and very few days on the market.”

So, how does one rent their dream home?

First thing that’s first is to do your research, and check to see if your future unit is rent-controlled if you’re going to be staying for a while.

“This means asking your agent to confirm that the unit was occupied for residential purposes prior to November 16, 2018,” Milan Mitrovic shared.

Another thing to include in your research phases, according to Mitrovic, is to see if the unit has utilities included in the rent so you can get the ultimate value for what you pay each month. Strata agent Jenelle Tremblett recommends searching six weeks before you’re projected move-in date so you’re not looking too early.

If you have a checklist of non-negotiable things that you must have with your dream home (like stunning views or in-unit laundry), well, Légaré recommends getting aggressive and being quick with your offer if you want to nab that unit.

With how competitive the rental market is in the GTA right now, Larry Medina said using hourly listing alerts can help.

“This means you’ll be notified the moment a property matching your criteria hits the market. This allows us to move quickly, so you’re ahead of other renters,” Medina said in the report.

Looking for an apartment can also be so overwhelming on your own, so Tremblett, reminds real estate agents are around to help.

“Using a real estate agent is free for a renter. So please work with someone who can navigate a very competitive market and who is knowledgeable about the area you are moving to,” Tremblett shared with Strata, and added to have all necessary documents ready when you’re on the hunt so you’re already prepared when you want to act on a unit.

Lastly, Strata’s Steven Micallef advised to pick out where you want to live and keep track of when the rental market dies down so you have a better chance of living where you want to.

“The rental market tends to cool off and favor tenants as we approach late fall and into the winter,” Micallef said.

“So if you haven’t landed the perfect property this spring, your next opportunity will come later this year. You may even find yourself with more negotiating power then, too.”

Best of luck out there, future renters!

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