If you are looking to rent a condo in Mississauga, we compiled a checklist to make sure that you have not forgotten about anything.
The first thing you should know is that most leases for condos in Mississauga do require a one-year commitment. If you do find something short term, it’s not uncommon to pay a premium of 30-40% more than the market rate. Next, 95% of condos available for lease are unfurnished, which means you have to have your own furniture. Furnished condos can difficult to find, and rent for $300-500 more than similar unfurnished units.
Before Submitting An Offer
- The first step to renting is to make sure that you have a job letter from your employer. The job letter usually should state that you are a full-time employee, getting paid a certain amount of salary and that your position is permanent. Landlords like to make sure that you are working and that you can pay your rent. If you do not wish to disclose your income, then you can contact us and we can help you out. Another option would be to have a job letter stating where you work and how much you roughly make.
- Next, you will also need to pull your Credit Score. You can get this printout by simply going here. Filling out your information, It costs about $23.95 and you have your credit score. Clients often say: “My credit score is not that great! Why does a Landlord need this? “This is an inside door into your payment history. Once again a Landlord wants to make sure that you are able to pay your rent on time. The credit score doesn’t reveal your payment history, if it’s let’s say 700 or above it means you have good credit and the Landlord will know that you can pay your rent on time and that you are less likely to owe them money.
- Now there is no standard written rule, but more often than not, if your credit score is below 650, you may want to offer to pay a few months up front (legally speaking, landlords are not allowed to request more than 2 months’ rent upfront, but tenants are allowed to offer more than 2 months’ rent up front). A second solution is you can put another person as a co-signer onto the contract. The co-signer may need to provide a job letter and/or credit score.
- Along with the rental application, given to you by the agent, you will need to put references down. Typically 2-3 references are enough. It’s not uncommon for your new Landlord to request a face to face meeting and/or try to contact your previous landlord to see what kind of tenant you have been. If you don’t have a previous Landlord you can put a previous employer down, places that you have volunteered for etc.
After The Rental Offer Has Been Accepted
- Make sure that you book the elevator at least a week, if possible two weeks, in advance to get the elevator. Most elevator bookings have a 3-hour time slot. For example 11-2pm, 2pm-5pm, 5-8pm. So make sure that you or your movers are on time and that you use your time wisely. You can book the elevators with security in your building, where you will be given a form that you need to fill out and you will need to leave an elevator security deposit, which they will give you back once they have checked that there are no new damages made by you or your movers. They may also ask for your rental application to see that you are the lawful tenant who is moving in.
- Make sure to call your cable/internet company a week ahead of time for an appointment. This is to ensure that you get your desired date. Most of these give a 5hour time slot, so make sure to be home.
- You will also need to call your energy (hydro) company since some condos in Square One have hydro metered separately. The Landlord will not cover this expense or include it into your monthly rent since hydro varies in monthly price, based on how much you use/consume. Typically speaking hydro is about $50/month for a 1+1 and $60/month for a 2 bedroom.
- If you signed a one year lease, you will need to give your landlord 10 postdated cheques before you move in. Sometimes landlords also ask for pet deposits.
- Finally before our move in it is important for you to get tenant liability and personal property insurance (also known as home/condo insurance). Its only costs about $20 a month and it protects you in the event there is a fire in your unit or you have your dishwashers overflow and damage the unit below. This insurance can be obtained from any major insurance company.
- Once you move in to be sure to report any damage not caused by you, to your landlord. This eliminates any problems at the end of the lease.
Interested in leasing a condo in Mississauga? Remember our services are free as we do get paid directly by the landlord. Feel free to browse our lease listings found here
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