Guide to renting

Listicle: What you need to rent an apartment in Toronto, Ont

Proof of income: You will need to show proof of steady income, such as pay stubs or a letter of employment, to ensure you can afford the rent.

Credit check: Landlords may also require a credit check to ensure you have a good credit score and are able to pay rent on time.

References: You may be asked for references from previous landlords or employers to confirm your reliability and responsibility as a tenant.

First and last month's rent: You will typically be required to pay first and last month's rent upfront before moving in.

Security deposit: Some landlords may also require a security deposit, which can be used to cover any damages or outstanding rent.

Rules and bylaws/regulations: Make sure to familiarize yourself with the rules and bylaws/regulations of the building and neighborhood before signing a lease. This can include noise restrictions, pet policies, and recycling guidelines, among others.

Renting in Toronto, Ontario: A Guide

If you're thinking about renting in Toronto, it's important to know what you're getting into. The city is known for its high cost of living, and this extends to the rental market as well. Here's what you need to know.

Average Rents and Rules

According to the Canada Mortgage and Housing Corporation (CMHC), the average rent for a two-bedroom apartment in Toronto was $1,562 in October 2021. This represents a 6.4% increase over the same month in 2020. However, the average rent can vary widely depending on the location and type of apartment.

When it comes to renting in Toronto, there are a few rules you should be aware of. For example, landlords are only allowed to increase the rent by a certain amount each year, as set out by the Ontario government. Additionally, tenants are protected by the Residential Tenancies Act, which outlines their rights and responsibilities.

Market Rate for Rent Over the Past 10 Years

Over the past 10 years, the rental market in Toronto has been quite volatile. In 2012, the average rent for a two-bedroom apartment was $1,291. By 2017, it had risen to $1,404. However, in 2020, the COVID-19 pandemic caused rents to drop by approximately 9%, before rebounding in 2021.

Despite the ups and downs, Toronto remains one of the most expensive cities in Canada to rent in. If you're thinking about renting in the city, it's important to do your research and be prepared for the costs.

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