Leasing - Things to Know
Looking to lease a condo or townhouse? Do you have a property you would like to lease out? If so, there are a few things you should know:
- Do I Pay for the Real Estate Services?
- I Am Looking to Rent... What Documents Do I Need?
- I Want to Be a Landlord: What Do I Need to Know?
- Advantages of Living In a Leased Condo
- What Can I Expect to Pay per Month?
- How to Better Your Chances of Being Accepted
Do I Pay for the Real Estate Services?
As a rental client, all my services are free to you. This includes taking you out to see properties, discussion and preparation of all lease documents, and all other lease related activity. Therefore, if you are looking to rent, it will cost you nothing to use my services. So why not enlist my help?
As a property owner, if you are looking to lease out a unit, the total commission payable is one (1) month's rent + gst. This commission is split between the listing agent and the renter's agent.
I Am Looking to Rent... What Documents Do I Need?
If you are ready to lease a unit, you need to prepare a few documents that are generally required. They are:
- Rental Application (will provided)
- Signed Letter of Employment (if self-employed further info may be needed)
- Credit Check
- Personal References and Landlord References
- Certified Cheque or Money Order as deposit (2 month's rent) - This is due AFTER offer acceptance
I Want to Be a Landlord: What Do I Need to Know?
If you have a rental unit you would like to rent out, and have never done so, you should be aware of a few things.
It is important to know the full work-up of each tenant before signing a lease agreement. Typically, most landlords sign a 1 year lease agreement with a tenant. After the first year the tenant goes onto a month-to-month bases automatically. The landlord cannot evict the tenant without filing proper documentation and have just cause. A tenant cannot be evicted even after the lease agreement has been fulfilled and the landlord wishes to sell the unit. If the leased unit is up for sale, and the future buyer of the unit wishes to live there themselves, and not rent out, the new landlord must give 2 month's notice to the tenant.
Under law, you cannot discriminate against pet owners or smokers, however it is prevalent in the industry. The leased unit can be protected from damages by inserting conditions to the lease agreement whereby the tenant, upon vacating will be responsible for any pet/smoke related cleaning/repairs.
Advantages of Living In a Leased Condo
When most people think of leasing a apartment style unit, they think of old high-rise buildings. This is not the only or best option. Many condos throughout the city are being leased out. This means that as a renter, you could live in a gorgeous condo with a great view and have all access to the amenties of the building. This typically includes, recreational facilities (pools, fitness, tennis courts, patios, gardents, etc), 24 hours security (found in most condos), guest parking, conceirge, etc. Have the condo life as a tenant!
What Can I Expect to Pay per Month?
In order to start looking for a rental unit it would be a good idea to know how much you are willing to spend per month. On average downtown you will spend per month:
- studio unit: $1100-$1300
- 1-bedroom: $1200-$1600
- 2-bedroom: $1400-$2100
- 3-bedroom: $1700+ (not many available)
These are only rough approximations, but location, building reputation, facilities, and unit sizes will change the prices. Also, some rentals come with more or less included in the lease (ie heating, water, cable, internet, parking, etc.) Its important to examine what exactly you get for the price.
Better Your Chances of Getting Accepted
In order to better your chances of getting accepted for a lease unit, here are some of my suggestions:
- Have a fully detailed credit report showing a good history of paying on time.
- Provide meaningful references that will present you well
- If you have little credit history, co-sign with a parent or familair to ease the landlord's mind
- A lot of investor landlords do not want to deal with smokers because they want to sell the property in the future and want to spend as little in repairs and cleaning as possible. We can place a condition that requires you to either pay for professional cleaning of carpets, repair of any damages, or promise to refrain from smoking indoors.
- Pet owners also usually have a bit more difficult time getting accepted (the larger the pet, the more difficulty). Providing photos of the pet, or previous landlord references concerning the condition of the last place of residence, may convince the owner to accept your offer.
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