Ask a Realtor

Why does it seem so difficult to lease a home?

Leasing should be difficult in the sense that the Landlords should want a thorough analysis of the perspective Tenant completed prior to acceptance of an Offer to Lease Agreement.  Homes in York region have incredible value and the home owner(s) know this and they must be diligent with the selection of the occupant(s) chosen for a Tenancy to try to protect their investment.
While REALTORS® mainly focus on Buying and Selling for customers and clients; a great number will also ask their REALTOR® about properties to lease for a number of reasons in their lives.  Most agents will have a thorough process they follow to achieve the rental outcome the Tenant needs as soon as possible.

WHAT DO LANDLORDS NEED FROM A TENANT? A thorough and recent credit check is required, with all details including the credit score; equifax.ca tends to be a main resource for the reports.   Landlords will want the standard Ontario Real Estate Association Rental Application form completed detailing current and prior residences, Landlord information and contact information and employment history, car payments and a reason for renting.  Home owners will ask for letters of employment and many may wonder why a pay stub isn’t good enough?  A letter from employer offers more security that the Tenant will likely continue working for the company.  A pay stub as proof only could be the last pay stub received from the company and potentially there may be no means to support rent moving forward.  Some Landlords, if accepting a Tenant who has leased before may want to see proof of utility bills at former residence to use as a cross reference that the Tenant actually lived where they said they did.  A Lease Agreement completed siting the amount to be paid each month for a typical one year tenancy.   Several clauses referring to just how much care and conscientiousness will be given to the property will also be listed and a REALTOR® would have many of these ideal clauses compiled and ready to go.

Tenants may want to make their offer more attractive when working on their own to lease or with an agent by providing a photo and brief introduction about themselves.  Tenants may want to offer postdated cheques which shows further proof of wanting to pay.  If there was ever a need to go to Landlord and Tenant Court a judge may want to see that reasonable measures were taken to research the Tenant(s) for an income property.

For anyone considering leasing a property as a Landlord or as a Tenant the best and most up to date resource that reviews the rights of Landlords and Tenants and what to do next if things go wrong on either side is http://www.sjto.gov.on.ca/ltb/ and refer to the data provided by the Landlord Tenant Board of Ontario.

-written by Connie Power

Connie Power is a Real Estate Sales Representative CNE® SRS® ABR® SRES®, Mentors and Develops New Real Estate Sales Representatives for RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond in the Greater Toronto Area (GTA).
Empowering you in real estate, call Connie today to make an appointment to discuss your next move at (905) 726-0856.

***Not intended to solicit those currently under a real estate contract.