Finding a new rental property can feel overwhelming, especially when transitioning from one lease to the next. But when should you start searching for a new rental property? The answer varies depending on your situation and location.
While the ideal timeline for starting your search varies by city, in Toronto, it’s generally best to begin at least 60 days before your desired move-in date. This time frame allows you to plan carefully, even though it might feel tight since most landlords require 30 days’ notice before you move out. To help ease the process, here’s a guide on preparing for your search and notifying your landlord.
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Consider the Timing
The rental market fluctuates throughout the year, with some seasons being busier than others. Understanding the best time to look in your area can give you a competitive edge in finding the right place. For example, if you are looking in an area with a large student population, the summer is the peak moving time, with lots of people moving out and plenty more looking for a place to rent.
Tips for a Successful Rental Search
1. Check Your Credit Score
Landlords often review your credit to assess reliability in making timely payments. Make sure your credit score is in good shape before beginning your search. if it’s not looking so good, look at ways you can improve it before starting your search.
2. Research Desired Locations
Identify neighborhoods where you want to live and research typical rental prices in those areas. This helps ensure you’re searching within your budget and could help when the time comes to negotiate a price..
3. Budget for Moving Costs
Moving can be costly, so save accordingly. Account for expenses like hiring movers, contents insurance, cleaning, and paying first and last months’ rent upfront.
4. Define Your Must-Haves
Make a list of your priorities and divide them into “needs” and “wants.” Consider essentials like the number of bedrooms, in-unit laundry, building amenities, central heating, and pet policies. This will help you quickly filter out options that don’t meet your criteria.
Once you have all your ducks in a row, you are ready to give your current landlord 30 days’ notice and continue your search for your next home! By planning well and starting your search at the right time, you can transition smoothly into a new rental home that meets your needs.
