Now days, especially in Toronto’s real estate market, renting isn’t as easy as it used to be. Not that the requirements have changed or hardened for renters, but rather due to restrictions and regulations that have been imposed on to the buyer segment of the market.
Tightened mortgage qualifications, imposed mortgage insurance and a high price growth rate has caused many buyers forfeit the prospect of buying and has caused them to enter the rental market.
This shift has caused the prices and the expectations of landlords to raise and therefore has made it harder to the first time renters, such as millennials, new-comers and students to acquire residence within the city, especially the downtown core. Taking this into account landlords are more inclined to negotiate privately, force and enforce more restrictions and overall get more gains and control over the cost and use of their property.
In order to survive such a ponderous market, one must fully be prepared to enter, negotiate, close, and get out safely. At Toronto Real Estate Cloud, we help many renters do just that by helping them prepare their application packages in a way that would out-compete any other application, showing them prospective properties that fully match their criteria only after their requirements and desires have been fully documented and taken into account and finally negotiate and close on the best terms, prices and timings that work best with both sides.
We believe that the best way to survive and thrive in such market is by first getting all the documents required prepared and ready and then negotiate the best terms in the best time frame possible and then make sure every promise is met and satisfied before exchanging keys for the closing documents.
What do you think is the best way to rent in Toronto? Do think having the right documents in hand before seeing and finding a place would help in the search and the securing process? Let us know what method has worked best for you in the past by leaving a comment below.