Dear David,

We’ve lived in a one-bedroom apartment since before COVID. We considered moving a few years ago, but rents were crazy and every place had multiple applicants. Things seem more reasonable these days, what changed and what do we need to know? – READY TO RELOCATE

DEAR READY: The rental market has definitely changed. Waterloo Region has fewer international students and more inventory than it used to, which means today’s renters have options. If you’re thinking of moving, check your notice requirements. Terminating monthly tenancy in Ontario typically needs at least 60 days’ written notice and must end on the last day of the rental period. You can give notice before your fixed-term lease expires, as long as your termination date is no earlier than the end of the lease. 

Next, prepare your paperwork including a current employment letter, recent pay stubs and a completed rental application with references. Have identification available, but don’t send copies to anyone you haven’t verified. Having a full Equifax credit report and score on hand is practical, as your banking app’s credit score may not meet a landlord’s requirements.

Make sure the rental is legitimate. Realtor.ca listings are represented by real estate professionals, but if you’re shopping on Facebook Marketplace or Kijiji, visit the property and confirm the person’s authority to rent it before sending a deposit. If you’re being pressured to send money immediately, it could be a red flag. Ask about rent control, as new buildings, additions and newer basement apartments first occupied residentially after November 15, 2018 may be exempt from provincial rent increase guidelines (ask your Realtor for clarification). An attractive starting rent might look different down the road if rent control doesn’t apply.

Get details in writing. Are heat, hydro, water and wifi included? Specify parking spaces and charges. Clarify yard maintenance and snow removal protocol while respecting the landlord’s legal responsibilities. Confirm the named tenants, rent due date and payment method. In most cases, landlords must use Ontario’s standard lease. Read it (including any additional terms) and keep a signed copy in addition to your rental application. Discuss pets and smoking. “No pet” clauses are generally not enforceable in Ontario, although condominium rules and certain circumstances can create restrictions.

Compare properties carefully. Your next home should suit your budget and your daily life.

PRO TIP FOR LANDLORDS: Your rental needs to look good and offer great value. If you have tenants currently, you’ll need to work with them to coordinate showings. It might also pay to be flexible. For example, if you’re asking $2,500 in rent each month, accepting $100/month less makes sense if holding out and remaining vacant for a month erases 25 months of extra $100 payments. #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.