Searching for rental accommodations: Know what landlords want

BY JAY BRIJPAUL

Toronto’s rental market can sometimes feel like finding a needle in a haystack. I surveyed 20 apartment buildings for an affordable accommodation and found only one two-bedroom unit available in September for $2,200 plus hydro. Furthermore, there were already five applications pending. Luck must be on a prospective tenants’ side when searching for suitable accommodations and luck is: Labor Under Correct Knowledge. As a landlord and a realtor who assists tenants, I see both sides of the rainbow. Landlords prefer tenants who will take care of their property and pay rent on time.

Rental applications are available online, but landlords usually create their own. A good place to start is by completing a rental application to get a sense of what the requirements are. Make copies of two valid pieces of identification, request a job letter as well as two recent paystubs and make a copy of your tax return from the last 2 years. Also, a full credit report is required. A professionally typed rental application that is fully completed and signed will earn a passing grade compared to an application that is handwritten and unfinished. A background check and a recommendation letter from the tenant’s current landlord will make them a high priority candidate. The ability to pay rent on time is paramount to landlords and if there are two working occupants, the likelihood of such increases.

Now that all the documents are ready, it is time to start looking. Many large apartment buildings have rental sites. Condominiums and homes are usually advertised by realtors. Social media and websites such as Kijiji and Craigslist can also be helpful. Depending on the rental preference, a prospective tenant can tailor their search to suit their needs. The documents required to complete a rental application can be invasive and may even possibly lead to identity theft. These documents should only be given to the landlord or the landlord’s agent.

In today’s hot rental market, the scammers are out in full force. Be wary if a landlord asked for a rental deposit before issuing an application, this is a red flag. Ask for proof of ownership before giving any personal documents. When visiting places that are privately advertised, take a friend or family member along. Appearance matters when it comes to a rental. As a landlord, I start screening prospective tenants from the time we meet. Cars that are dirty with stale coffee cups scattered in the back seat give me a quick glance of how the prospective tenants will keep the property.

Once the right accommodation is found, a complete application along with all supporting documentations should be given to the landlord. Politely ask the owner or their representative if in the event the application is not accepted to return the documents. Presentation is important. I recall an application in which the tenant included a personal letter explaining why they needed the apartment. By doing so, the prospective tenant went the extra mile and attached a family photograph to the application. There were many competing offers, but the landlord chose this tenant because of all the extra time and detail that they put into their application.

Landlords prefer not to rent to self-employed individuals because in the event of failure to pay rent, a landlord cannot garnish their wage. Also, many unemployed individuals would open a “company” for this exact reason. For self-employed individuals, it is important to have a few years of tax returns when looking for a rental property.

Many landlords prefer to rent homes to tenants with stable jobs and a blemished credit. An electrician for example who is employed and has a blemished credit will become a long-term tenant. If the credit is damaged, then the individual’s job must be secure. If the credit is damaged and the prospective tenant is unemployed, then, finding good rental accommodation will be difficult. The only way out is to find someone who can co-sign on the tenant’s behalf.

It is becoming increasingly difficult to find quality rental accommodations at a reasonable price. As such, prospective tenants must be aggressive in their pursuit but gentle in their approach. If a tenant can prove to the landlord that they are the perfect candidate, then they might just be able to find that needle in the haystack.