Everyone around you is talking about rental prices in Ontario, especially the Greater Toronto Area. With inflation at its peak and raising prices of everything from groceries to luxury by 30%, rental prices have become the talk of the town. The rental market is intense right now and several listings are going through a bidding war. While it is good news for homeowners as they can make extra money, it makes rentals highly unaffordable. Combined with the 30% in prices of everyday amenities, people are struggling to make ends meet.
As someone looking to rent out a property in Brampton, you don’t want to enter a bidding war and find the best unit within your budget. Here are my 7 top tips as an expert rental realtor in Brampton:
1. Always ask your friends, family, or neighbours
Many homeowners sublease their basement unit or a bedroom in their house. They prefer leasing it out to someone they already know. If they aren’t homeowners, they might need a new roommate and you can sublease from them. Make sure to sign a contract and if you are subletting a room include your rights in the contract.
2. Use rental listing websites
To view rental listings in Brampton, you can visit my website. Listings are updated in live time, so you’ll get access to the latest properties. Other good listing websites include rentals.ca, point2homes.com, torontorentals.com, and zumper.com. Make use of the filters to choose property type, number of bedrooms, pets allowed or not, and any amenities you’d like.
3. Check on Facebook marketplace and Kijiji
Both these places are goldmines for rental unit seekers on a budget. Most listings on them are posted by homeowners, so they are willing to negotiate. It’s crucial for homeowners to find a good tenant because they’ll be sharing space with you. Make sure to make a good first impression and reply to their post with a detailed message about you, what interested you in the property, and ask them about their requirements.
4. Work with a local real estate agent
When you work with a rental realtor in Brampton, you don’t have to pay them anything. The rental owner is responsible for realtor fees. Think of it like a free service. The real estate agent will book viewings on your behalf and you can choose to view them along with the agent or by yourself. Be clear about your budget and expectations.
5. Be ready to negotiate
As an investment property owner, people are looking to make profit. However, they are willing to negotiate and will reduce the price by a couple hundred dollars for the right tenant. Don’t be afraid to negotiate and present them with the advantages of leasing out the unit to you. Carry previous landlord reference letters too.
6. Keep your documents and paystubs ready
It’s likely that when you’re collecting your documents the rental unit in Brampton you’re interested in gets leased out. Most rental applications need the same or similar documents, so make multiple copies and fill out the application right away if you like the property.
7. Negotiate a deal with a vacation rental owner
Vacation rentals on AirBnB suffered big time during the pandemic and suffered thousands of dollars in losses monthly. If you’re looking for a short-term rental for a few months, reach out to them and negotiate a deal. It works out well if you’re also looking for an all-furnished unit. The rent would be higher than you’d pay for an unfurnished, long-term unit but you’ll be able to move-in immediately.
If you’re looking for a rental realtor in Brampton or GTA, I’d be more than happy to help you. You can reach out to me via email at cnacar.realtor@gmail..com or give me a call at +1 905 867 4828.