Renting Property In Canada

Renting Property In Canada
Even though Canada has a high rate of home ownership (68 per cent), almost everyone rents before they buy. Renting is a common part of Canadian society, from major urban centres like Toronto to tiny hamlets upcountry. The process is easy and requires little more from the renter than cash and a good reputation.

There are a few different ways you can search for a rental unit in Canada. If you are unfamiliar with the city, it can help to enlist the services of a property management firm. These outfits work with a list of landlords who notify them whenever one of their properties is available for rent. The agents then show prospective renters a few properties and help arrange the rental agreement.

Using one of these rental agencies does not cost the renter anything. If you are familiar with your town, you may be able to find a suitable place to rent simply by driving around a neighbourhood you would like to live in. Many landlords place a sign on the front of the property announcing when it is available for rent. You can call the landlord and arrange for a viewing yourself.

In Canada, the local newspaper is still another avenue to finding a rental unit, though increasingly this service is moving online to websites like Craigslist. When you find a rental unit you like, you will need to negotiate the terms of the lease. This includes the main factors of the monthly rental rate, the amount of deposit and the length of the lease.

Most rentals in Canada offer a one-year lease. This can easily be renewed each year as long as everyone involved is happy. Occasionally shorter leases are available such as six months, but it is likely you will pay a higher monthly rate for the privilege. Month-to-month rentals are also possible but they always incur the highest monthly rates.

The deposit is usually two months rent. This will be returned to you in full if you don't damage the property. It's a good idea to speak clearly and candidly with the landlord before signing a lease about the deposit and what he considers normal wear and tear on the property. Deposits tend to be large amounts of money, so it's important you get that back when you move out.

Other things to work out with your landlord in the lease include the maintenance (if any) provided by the owner, whether pets are allowed and if the landlord will withhold any of the deposit for cleaning when you move out. Normally, if you leave the property in the same condition you found it, you can expect to get your full deposit promptly refunded. One advantage to using a property management firm as an intermediary is it's less likely you will have problems with the owner over property damages and other issues with the deposit.