Competition and lack of supply are contributing to rental prices staying sky-high and are forcing some renters out of the Toronto rental market.

The average rent in Toronto for a one-bedroom condo apartment was $2,532 in the second quarter of 2023.

Many tenants are not able to to meet the 30 per cent benchmark, where the tenant must allocate 30 per cent of their income to housing. Others have gone on “rent strikes” to protest the skyrocketing rent prices.

Hold off until winter

Amrit Walia, a sales representative with Royal LePage Signature Realty, said that even though rental prices are high and aren’t budging, if tenants can wait until winter to move, they might find lower prices.

Walia said that the rental market is busiest during July and August due to international students looking for housing for back to school. He also noted that immigrants usually arrive during those months which contributes to competition in the rental market.

Book A Viewing

Renters should always book a rental viewing to make sure the property is right for them. If they can’t visit the property, they should ask someone they trust to view it for them.

A viewing is a great way to look for any red flags. If a landlord doesn’t want the renter to view the unit, there is a good chance it could be a rental scam.

Write A Cover Letter

Even though a renter might be extremely interested in a property, there is no guarantee they will secure it due to the influx in offers.

Landlords will ask for documents such as letter of employment, pay stubs, and rental history. By adding a cover letter with a photo, the applicant will stand out to landlords. Especially with a history of their time in Toronto and a bit about themselves.

Walia said the cover letter should be short and will help assure the landlord that the tenant is trustworthy.

Ask The Right Questions

Many renters assume a building is rent-controlled because it looks old, but that is not the case. The tenant should always ask for the date when it was converted to a rental unit.

Tenants should also ask whether the lease is covered by the RTA. This act does not apply to university and college residences, non-profit and public housing, and units where the tenant and landlord share a bathroom or kitchen.

Know The Landlord

If a landlord is unreachable or makes demands of tenants, the tenant should take this into consideration. The tenant should always research the landlord and ensure they are safe and trustworthy.