Tight Competition In Downtown Condo Rentals

If you are one of those people looking for condo unit to rent in downtown area of Toronto, ensure that you ready your application package before going for your scheduled viewing. This is an advice given by Tarik Gidamy who is a realtor in Toronto.

According to recently published study regarding the downtown rents, because of the widespread bidding wars that are happening during resale of homes in the real estate market, the condo rental market has been affected.

The realtor added that you don’t have your package with you – this includes a credit application, your price offer which should be higher than the posted price by around $50 to $100, job reference as well as the completed application for renting – you are going to lose the unit.

Gidamy also added that if you are smoking or if you are planning to live with a large pet then you have a disadvantage.

Condominiums are now considered as the highest main source when it comes to housing in Toronto. It currently made up the 22 per cent apartment rentals within the city and the vacancy rate is quite small which is only at 1.7 per cent. This is blamed to the fact that there are no additional purpose-built rentals.

According to the data from RedPin, considering the prices from the month of August last year to the same month this 2016, it showed that renting a condo unit downtown located in the main intersection area will cost the renter around $1,924 for only a single bedroom which is 11 per cent higher in terms of yearly rent compared to the average in the whole city.

Data also showed that when you rent a unit with two bedrooms located in the heart of an intersection, you will pay an average rent of $3,144 every month or 27 percent higher compared to the average renting price in Toronto.

It does not come as a surprise that the 24 intersections included in the study also shows that highest rents in condo units is also the very ones that are considered the most expensive in the real estate market.

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