An incredible story of courage & independence
I thought I was independent till I met with my latest client, let’s call her F. She reached out to me through the internet about a year ago, planning a big move from Montreal to Toronto (you can see how organized she is with her timeline) in June of this year.
Not only was that a big move – to a strange city, it’s a big move in many other ways. Because I have a son who lives in Montreal I know that Toronto (especially rents) are more expensive. Like WAY more expensive. So F and I had some early discussions on costs to rent in Toronto – of course because she’s organized, she understood and was prepared.
Fast forward a year. F came to Toronto for a holiday early May. We met & took a look at some nice condos to rent. It was a bit early for her to commit, like many renters she didn’t want to double up on rent payments. So she went home & I continued the search with her virtually.
Then the rental pool evaporated. With lack of supply, comes rent creep. What was $2400 in May was now $2500 or $2550. One nice condo we applied for had 8 other applicants, and rented for $260 a month more than the advertised price.
We offered on 4 other condos with no luck. I was getting very nervous at this point…..
The story has a happy ending, though. We were able to get her a great condo in a luxurious, energy efficient building for her move in date.
But this is not the only time F had made a big move. You see, she came from overseas. Alone, to study in Montreal. Her native country is French speaking. She moved her all by herself as a teen to go to school then establish a career.
I know this is the path of many in Canada, but I just wanted to put her story out here and just say wow.
What's happening in the Toronto rental market that caused a great tenant be rejected by 4 potential landlords?
This happens a lot. I meet a potential tenant that hasn't rented for a while. They are shocked to find out how difficult the process is! Because of the current rental market being so tight, and rents so high, often landlords want a certain income to rent ratio.
Now they can't tell you this because renting based on income is discriminatory. So the vetting process can be extremely detailed and arduous. In this case, as a single professional with good income, good credit, a long-term career with one company and good references she just didn't meet the rent to income ratio. Landords were hedging their bets and renting to double income tenants.