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Considering a Rental? Here’s What You Need to Know

Looking for a rental? What you need to know to be prepared

Considering a rental? Here's the Essential Rental Requirements that you need to know

Considering a rental? Did you know that renting a property in Ontario involves a comprehensive application process that aims to ensure a smooth landlord-tenant relationship. Here are the essential steps and requirements you should be prepared for:

1. Rental Application:

 All parties intending to be named on the lease agreement must complete a rental application. This application serves as the initial request to rent the property.

2. Identification:

Provide proof of identity, such as a driver’s license, passport, birth certificate, or immigration documentation, including visa or work permit details.

3. Employment and Income Verification:

 If you are employed, provide an employment letter from your employer. If you are self-employed, you must verify your income with documents like CRA Notice of Assessment, bank statements, or proof of assets through an investment advisor.

4. References:

Be prepared to provide references, including:

     – Past two landlords

     – Two personal references

     – Employment references

5. Meeting with the Landlord:

 Expect to meet the landlord in person or via video conference. This meeting helps both parties get to know each other and discuss any concerns or questions.

6. Credit Check: 

 A full credit report will be pulled from Equifax or TransUnion, including your credit score and payment history. Landlords use this information to assess your financial reliability.

7. First and Last Month’s Rent:

Before receiving the keys to the rental property, you must deposit the first and last month’s rent into the brokerage trust account, representing the landlord. Note that wire transfers may take several days to process.

8. Utility Accounts:

Provide proof that utility accounts, such as electricity, gas, and water, have been set up in your name before the key exchange.

9. Tenant Liability Insurance:

Obtain tenant liability insurance and provide proof that it is in effect before the key exchange. This insurance protects you and the landlord from liability claims related to property damage or accidents within the rental unit.

10. Ontario Lease Agreement:

Once the landlord accepts your Agreement to Lease, the Ontario Lease Agreement must be completed within 20 days. This legally binding document outlines the terms and conditions of your tenancy.

11. Additional Documentation:

Be prepared to provide any other information or documentation requested by the landlord. This may include additional references or specific forms related to the property.

Remember that the rental application process in Ontario is designed to protect the interests of both tenants and landlords. By providing the required information and meeting these criteria, you can enhance your chances of securing a rental property and enjoying a positive renting experience in the province.

Please note that specific requirements and processes may vary slightly between landlords and property managers, so it’s essential to communicate effectively throughout the application process and seek clarification when needed.

I’m ready to assist you to find a Lease In & Around Oakville! Call or text at 647-696-8285 and send an email to hello@meetmeinoakville.com 

Find a Lease In & Around Oakville, Ontario

Claudia Chopik

Claudia Chopik

Hi, there! I’m Claudia, the founder of Meet Me In Oakville – A strong tribe of Oakville residents who get weekly information about the best events, restaurants, shopping, activities, and real estate In and Around Oakville, Ontario.