It can be challenging to secure a home lease in Ontario (especially the GTHA) in 2023.
Single Owner-owned properties are an investment and as such, these landlords want to protect their investment by accepting the best tenants that they (their listing agent) can find. There is a shortage of rental units right now, particularly in the 1 bedroom category and as such, competition for these units can come down to the smallest of details.
NOTE: ALWAYS USE A REALTOR! As a tenant, it dosen't cost you anything. Tenant agents get paid once the lease has started, from the landlord/listing brokerage. The main benefits of using an agent are: access to all mls lease listings, someone to book and accompany you to showings, and your own representation in the negotiation/offer process.
Here is what you will need to prepare, prior to applying to lease a property.
*filled and completed form 410 (Ontario Standard Application Form - click the 'attachment' link below to download the PDF). . This form needs to have as much information as possible. It is INTRUSIVE and asks for some very private information. The main information is employment, supervisor with contact info, past landlords with contact info, and references. These will be called and checked by the listing agent/landlord if they are considering your offer.
*TWO most recent paystubs for all applicants (*If you are self employed, then you will need to provide at least one (perhaps two) of your last two Income tax/notice of assessments).
*employment verification letter(s) with start date, position/title and salary
*Credit Report WITH Beacon Score (Equifax or Borrowell)
*1-2 written reference letters or emails from past landlords
*if you don't have credit or a lower credit score (under 730), the ability to offer an extra month (or more) deposit can strengthen your application (this is YOUR decision though, not theirs!)
*in some cases (at the discretion of the TENANT/APPLICANT - YOU!) you may choose to offer a glimpse at your personal banking info (ie you'd like to show the landlord that you have liquid funds available in case your income or credit are not as strong as you'd/they'd prefer)
If you are a tenant who is looking to make a move (regardless of your current situation) - please feel free to reach out. Your next home is out there and we can work on this together! firstname.lastname@example.org