Looking to rent a condo in downtown Toronto?
Make sure you have your rental application package when you go to look at the place, advises a Toronto realtor..
The bidding wars are prevalent in Toronto’s re-sale home marketplace and they now affecting condo rentals.
“If you don’t go with your package in hand — entailing your credit application), your job reference, completed rental application and your offering, which is sometimes $50 or $100 more ( han the posted rent) — you’re going to lose “.
Smokers and proprietors of large pets are also at a drawback, mentioned the agent.
Condos are increasingly recognized as a key source of housing in Toronto where they account for about 22 per cent of apartment rentals in a city that has a tight 1.7 per cent vacancy rate, which has been blamed on the absence of new purpose-built rentals.
It shows that renting a condo downtown around a major core intersection will cost $1,924 on average for a one bedroom — 11 per cent or $2,256 annually more than the city-wide average.
It also shows that renting a two-bedroom in the core near an intersection for an average of $3,144 per month is about 27 per cent or $8,000 a year more than the Toronto average.
A two-bedroom unit near Avenue Rd. and Bloor St ., with easy access to Yorkville cafes and Mink Mile shopping, averages $4,295 a month.
A one-bedroom condo near the Trump Tower near Bay and Adelaide streets, expenditures $2,095 on average.
But a short walk or subway ride can reap significant savings. A one-bedroom condo within five minutes walk of Yonge St. and Eglinton Ave ., had the lowest median price in such studies at $1,774. A two-bedroom unit near Dundas St. and University Ave ., was a comparatively reasonable $2,675.
The condos on the Bay St. corridor cost more to buy than those closer to Yonge St. and the average price of a two-bedroom unit near Bloor St. and Avenue Rd ., during the same period was $1.4 million.
So far, world markets is absorbing the mushrooming condo towers. Whether that is sustainable remains to be seen, mentioned Gidamy.
“The only trick to this is delivery dates. If you look at the deliverables of condos over the three years, there are gluts of 4, 000 or 5,000 divisions being finished in a six- or eight-month span in some years. That’s really the test of hour. Can that absorption continue for the next five years or so?” he said.
Purpose-built rentals don’t have the upscale finishes and amenities of condo builds or the prestige of owned tenants, but they do tend to be better managed, mentioned the agent.
” Most are managed extremely well and attentive to the needs of the tenants ,” he said.
In their verve to repulse short-term rentals on platforms such as Airbnb, condos are increasingly less renter-friendly, mentioned the agent.
“Condo committees are the people. The people are telling,’ I paid big money for this. I paid dollars per square foot. Why would somebody be entitled to make a return to ruin my carpets in the hallway?'”
Highest condo rent intersections in the core
Avenue Rd. and Bloor St .: $4,295 for two bedrooms; $2,072 for one bedroom
Bay and Queen streets: $4,107 for two bedrooms; $2,041 for one bedroom
Bay and Adelaide streets: $4,076 for two bedrooms; $2,095 for one bedroom
Bay and King streets: $3,864 for two bedrooms; $2,063 for one bedroom
Yonge and King streets: $3,074 for two bedrooms; $1,911 for one bedroom
Source: Toronto Metro
