What to consider before you rent:

If you choose to rent, you may not have to pay for:

• Utilities such as water is included in the rent
• Property taxes
• Home maintenance costs
• Real estate agent fees

Additional advantages of renting include:

• There is no long-term commitment
• Renting may be cheaper than buying a home
• If something were to break and you are not responsible for it, a superintendent or landlord will usually arrange to replace or repair it

Check your credit report

Your credit report may affect your options when you decide to move in on your own. Having a good credit score is very important when renting properties. Missing a payment for your rent or utilities could hurt your credit score.

Rent within your budget

Your rent payment and household-related expenses should not be higher than 35% of your gross household income. The gross household income is all income you receive before taxes and deductions. If you...

Below you can find the average rental prices for both one-bedroom and two-bedroom dwellings across southern Ontario. As you can see, Toronto unsurprisingly tops the list for another month, with Hamilton being the cheapest out of the 14 regions reported.

1. Toronto

- 1 Bedroom – $1,833

- 2 Bedroom – $2,455

2. Markham

- 1 Bedroom – $1796

- 2 Bedroom – $1,983

3. Burlington

- 1 Bedroom – $1,772

- 2 Bedroom – $2,057

4. Mississauga

- 1 Bedroom – $1,758

- 2 Bedroom – $2,080

5. Etobicoke

- 1 Bedroom – $1,734

- 2 Bedroom – $2,204

6. North York

- 1 Bedroom – $1,664

- 2 Bedroom – $2,070

7. Vaughan

- 1 Bedroom – $1,661

- 2 Bedroom – $2,180

8. Waterloo

- 1 Bedroom – $1,634

- 2 Bedroom – $1,624

9. Guelph

- 1 Bedroom – $1,630

- 2 Bedroom – $1,910

10. York

- 1 Bedroom – $1,630

- 2 Bedroom – $2,182

11. Brampton

- 1 Bedroom – $1,622

- 2 Bedroom – $1,817

12. Scarborough

- 1 Bedroom...

SMOKE ALARMS AND CARBON MONOXIDE DETECTORS

Landlords are responsible for installing smoke alarms and carbon monoxide detectors in the correct locations, keeping them in working condition and replacing them when necessary. It is advisable to instruct tenants to not interfere with any smoke alarms or carbon monoxide detectors.

TheOntario Fire Code requires landlords to test smoke alarms and CO alarms at the following times:

• annually after a change of tenancy in rental units
• following the installation of a new battery for battery-operated smoke alarms or CO alarms
• after any electrical renovations or servicing when smoke alarms or CO alarms are AC powered to guarantee that the alarm’s circuit is not disconnected.

Here is some helpful links to learn more about smoke alarms and carbon monoxide detectors:

• Smoke alarms
• ...

UNDER THE RESIDENTIAL TENANCIES ACT, A LANDLORD HAS SOME FUNDAMENTAL RESPONSIBILITIES

• Landlords must ensure the rental property complies with the rules and regulations to a minimum standard for all health, safety, housing and maintenance standards.
• Before renting a property, it must meet municipal property standards, zoning bylaws, fire safety regulations and local building codes.
• Maintaining the tenant’s home to be fit for habitation and at the landlord’s expense following the health, safety, housing and maintenance standards.
• Providing an appropriate supply of fuel, electricity, hot and cold water and other utility services such as cable or internet unless the tenant has agreed to obtain and pay for these services themselves.
• Provide quiet enjoyment of the premises by the tenant and the members of their household or guests.
• Not obstruct, harass, threaten, or pressure the tenant.

Responsibilities of the tenant

• Must pay rent in full and on time.
• Keep the residence clean-up to a standard that most people would consider ordinary or everyday cleanliness.
• Tenants must practice due diligence in the use of the residence, such as not leaving the windows open when it is raining, as this could damage the premises, causing mould and pest problems.
• Not obstruct, harass, threaten, or pressure the landlord.
• Tenants are responsible for repairing any damage to the rental property caused by themselves or their guests. This applies to whether the damage is caused on purpose, by accident or by not being careful.
• Contact the landlord as soon as possible if a severe problem arises involving repairs or services.
• Permit entry with proper notice from the landlord for repairs or showing of premises for the next tenant or purchaser.
• Tenants must meet the provisions of their lease.

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COLLECTING A RENT DEPOSIT

When collecting a rent deposit, the amount cannot be more than what is due for that rent payment period (e.g., one month's rent, or if rent is paid weekly, one week's rent). The deposit must be used as the rent payment for the last month or week of the tenancy. The landlord cannot use these funds for any other reason, such as to pay for damages. A landlord must pay interest on the deposit every year. The residential tenancies act determines the interest with the information on the rate provided by the landlord and tenant board.

1% RULE VS. 0.25% RULE

The 1% rule-of-thumb has historically been followed by many landlords and property investors to determine a good investment. Essentially the rule states that if you buy a home for $500,000, you should see monthly rent equalling $5000, or 1% of the purchase price. However, in today’s booming GTA market, this number is harder to attain. With prices reaching record highs every year in the GTA and rent increasing only gradually, if at all, the 1%rule may not apply when analyzing a property’s investment potential.

Due to this shift in balance, property investors have created a new rule which allows investors to analyze if a property is a sound investment or not: the 0.25% rule. With the average single room home price in2021 within the GTA being $605,000, this rule allows investors to meet the average rent in the GTA of approximately $1500. The rule also is seen within2-bedroom properties; for example, with GTA prices of such properties averaging$770,000, one can meet desired average monthly returns on rent of $1900.

In the...