What are the rental documents required for renting?
When you’re looking at any rental houses or apartments, it’s important to have all the rental application documents ahead of time. With so many people looking to rent in Toronto, it’s not uncommon to find that a rental house or apartment is taken within a few hours of it becoming available. That is why it’s good to be fully prepared and have all the necessary rental documents required prepared ahead of time.
Below is a list of all the rental documents required for renting.
1. Be ready to show proof of employment
Expect to be asked for proof of employment. Most landlords will typically request proof of employment as a way to guarantee you’ll be able to make your monthly rent payments.
If you’ve been employed with a company for some time, then you should be able to request a formal letter that shows you’re an actual employee to the company.
If, on the other hand, you have not started the job yet but are scheduled to begin soon, then you may also show your official offer letter from the company too.
If you’re currently unemployed but you are still interested in renting, then you should explain your employment situation to the landlord. Perhaps you’re a student, or perhaps you’re here on extended visit, there can always be exceptions to the rules so long as you are honest and can explain your current employment and income situation to the landlord.
2. Have your paystubs ready
Another important rental document required for renting includes the three most recent paystubs from your employer. This serves as a way to guarantee you’re not lying about the money you make and that your income is consistent and stable.
If you’re starting a new job and don’t have any pay stubs with the new company yet, always be sure to let your landlord know the situation. Oftentimes they’ll accept the last 3 most recent pay stubs from your previous employer too.
3. Provide Credit Report
Most landlords will request to see your credit score. Since your credit score shows your credit history and financial health, this helps landlords decide whether or not you’ll be a good tenant. From the landlord’s point of view, the lower your score is, the riskier it would mean to take you on as a tenant. That is why it’s important to maintain a high credit score.
If you’d like to order your credit report, you can use trusted sites like Equifax.ca or Transunion.ca. You’ll need to pay a small amount of money to have your credit report completed, but you can get it instantly over the internet if you wish for it. You may also request for the paper copy, but this can take longer as it will be mailed to you.
As a word of caution, it’s important to note that under the law, landlords are not allowed to ask for your SIN number. Since this is a confidential number, you are not obliged to provide this information to anyone, unless they can demonstrate that it is mandated by law.
4. Bank Statement
You should have a copy of your bank statement ready when you go to viewings. This is simply a record that shows how much money you have in your bank account. You can obtain this piece of information either online via online banking or you can also visit your local branch to request it over the counter. Your bank statement will give proof to the landlord that you have sufficient funds to pay rent.
5. Government Issued ID
You must have your government ID ready when you sign the rental application. You may use either your passport, driver’s license, or any other government issued photo ID. The landlord will want to keep a copy of this ID for his/her records.
6. References
A list of your references is another important thing to have as part of the rental documents required for renting.
References do not need to be from employers or supervisors, but can be anyone including former landlords or a friend. A landlord will typically want to contact these references to give them a peace of mind. So be sure have some names and numbers ready when you’re ready to sign a rental agreement.
7. Tenant Insurance
Although not always necessary, some landlords will require tenants to sign up for tenant insurance before you move in. This is to ensure that you and your possessions are protected in case something were to happen to your rental unit and it becomes uninhabitable. Proof of possession will be required before moving in should your landlord request for it.
8. Rental Application
Everyone should have the rental application filled and completed if they’re serious about renting. Although this application is typically only made available to you only after you’re gone to a viewing and/or expressed an interest in renting the place, you’ll need to have all the important documents and information mentioned above in order to properly complete this form.
You can see the standard rental application here.
9. Have the deposit money ready
In Toronto, all potential tenants are required to provide the first and last month’s rent upon signing the rental application. Often, landlords will request this in the form of a certified cheque or bank draft.
Although it’s not recommended that you have this prepared ahead of time, it’s certainly important to know that you’ll need to provide this when you’re ready to sign the rental application.
Signing the Lease
Once you have prepared all the rental documents required for renting and you’re ready to sign the lease, it’s important to note that as of April 30, 2018, Ontario now mandates all landlords to use the same standard lease. So before you go and sign the lease, you should make sure it’s the same one. To see what the new standard lease looks like, you can view it here.
Other Important Things
Before submitting your rental application documents and signing a lease, it’s especially important to make sure you’ve asked all the right questions. The last thing you need is to discover you’re moving into a rental home that does not meet your needs.
To prepare for this, be sure to check out my article on all the right questions to ask before renting.
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