Toronto’s rental stock varies widely in structural form, ownership and price. About half the rental stock is conventional (purpose-built) apartments in the private rental sector, while the rest consists of rented houses, apartments in houses, rented condominium units and social housing according to CondoMapper.
In the entire GTA, the percentage of rented dwellings is only 32%. In the City of Toronto, with a huge concentration of high rise condominium buildings and the majority of social housing projects, this percentage is slightly below 50%. The average vacancy rate is about 2%.
The average rent for a 2-bedroom dwelling amounts to CAD $1,395 per month, but this average also includes low cost rental properties such as social housing, private rental buildings, and apartments (including basements) in buildings. More realistically, in the private rental section you should look at a minimum price range of $1,500 to $1,900 per month.
Your chances for finding a suitable detached or semi-detached rental property is better in the suburbs and municipalities surrounding Toronto. Most rental dwellings in (downtown) Toronto are condominium apartments.
As CONDOMAPPER we have access to a complete range of residential rental properties including (semi-) detached homes, apartments, townhouses, and condominiums, listed on the Toronto MLS system. In general, landlords who list their properties for lease through the MLS, require an up-to-date credit report to accompany the Offer to Lease, and a letter from your employer verifying your full-time employment and annual salary.
Why enlist the services of a CONDOMAPPER for leasing a home or condo?
For a start, the services of a CONDOMAPPER are free of charge for tenants because the Listing Broker agrees to compensate the Cooperating Broker who brings in a tenant.
Since you do not have to pay anything extra, it only makes sense to use the services of a CONDOMAPPER because your sales representative not only acts in your best interests, but also has experience in dealing with the myriad of issues surrounding the leasing process, such as, among others, taking care of negotiations, drafting an Offer to Lease, and working out the terms of the lease in detail.
Having your own real estate sales representative working for you, means you will receive quality listings by e-mail that meet your requirements, without the need of searching public databases frequently yourself.
Your real estate sales representative knows the city, its neighbourhoods and communities, and is able to identify the areas you would be most happy to live in, based on your criteria and preferences. Your representative can also assist you in figuring out commuting times, and finding out the proximity of properties to schools, public transportation, shops and area nightlife.