Finding a Home to Rent in Mississauga

Buying a Home, Weekly Update - Keeping Real Estate Real

Finding the right condo or house to rent in Mississauga can be an interesting experience to say the least! With vacancy rates at all-time lows, tenants can find themselves frustrated in their search to find a place to live. Below I will outline some general steps and tips on finding a home to rent in Mississauga. If you landed on this page by mistake and are looking for more information on buying a home, start here.

Decide What type of Rental Property is Right for You

There are many different styles and types of rental housing in Mississauga. While they can be found all across the city, certain areas will have a higher concentration of certain types of rentals. For example, the majority of high rise condos for rent will be located in the Mississauga City Centre while you may want to search Lorne Park if you’re looking for a luxury rental. Below are the 3 main styles of rentals available in Mississauga:

Traditional Rental Apartments and Town Houses

By this I mean properties that are owned for the sole purpose of renting. The majority are high-rise apartment buildings built in the 1970’s & 80’s. These properties have their own property manager, and are professionally run. The advantages of rental buildings are that you’re dealing with a professional company, and they may be easier to rent for people with low credit scores or who are new to Canada.

Rental Condos

Over the past 20 years, there has been very little purpose built rental buildings constructed in Mississauga. During this time, the increase in rental supplies has been from investors and one of the biggest source of properties has been rental condos.

In almost every condo building throughout the city, you’ll find units available to be rented. The advantages of renting a condo like this is that the unit will be newer, and you won’t be living in a “rental community.” The cons are that you’ll be dealing with a small landlord, who may or may not be as professional as a large corporation. Another downfall is that because these landlords are investors first, many tenants move into their new condo only to be told by the landlord that they are selling the condo.

Houses

Just like private condos, many home owners are small time landlords that have decided to rent out their homes. Like individual condo landlords, you will be dealing with same issues. Beware of homes that are being leased only because the owner couldn’t sell it for the price they wanted. They will more than likely re-list the property for sale once the price rises again.

Search for Luxury and Executive Houses for Rent in Mississauga

Multi-unit homes

Normally the most affordable option out there, many homes have been converted to be a duplex, or have basement apartments. The biggest thing to look out for is that many of these apartments have not been inspected and are not up to code. Make sure to ask these questions of any landlord before leasing the apartment. See the end of this article for resources on finding affordable rentals.

Decide Where You Want to Live

Just like buying a home, when renting you need to consider not only the property itself, but the lifestyle factors. Amenities such as close to highways, transit or top ranking schools are popular among tenants. Take the time before you start your search to determine what is important for you, and narrow down your search that way.

Also be sure to check out our page that goes over the different neighbourhoods in Mississauga.

The Rental Search

Most tenants start their search online. Sites such as www.realor.ca, and real estate agent websites are a good source of information. You can also try checking classified ads and specialty websites dedicated to rentals, as a lot of landlords will try to advertise their rental without the help of an real estate agent. This is also the best option if your budget is on the low end.

Search for Rentals in Mississauga

When renting a home, there are 2 ways to do it. First is with the help of a realtor and second is on your own. Using a realtor will help you navigate the process and paperwork, while at the same time minimizing the chances of a scam, but there is a commission to be paid so it can increase the rental cost.

Doing it on your own can save you money, but keep in mind that you are on your own. Make sure to educate yourself about the process ahead of time.

Avoid Scams

When dealing directly with a landlord, make sure to be cautious, as there are a lot of rental scams out there. Below are some more common ones:

Never Send Money without meeting the landlord and seeing the property. 99% of rental scams happen this way. Also keep in mind that just because the property is online, doesn’t mean it’s legit. Always trust your gut and if it sounds too good to be true, it probably is.
Lack of screening. Any professional landlord will want to see your credit score, job letter and reference checks. If they don’t care, and just want you to send them money I would be cautious.
They ask for more deposits that allowed by law.
They don’t give you adequate time to review the lease.
They aren’t the actual owner of the property. If you are unsure, ask for ID and proof that they are the owner of the property.
The landlord isn’t in the country and can’t meet with you. Normally, if a landlord is not in town and the rental is legitimate, they will have an official representative such as a realtor or property manager to represent them. Don’t ever send money even if they say their cousin will meet you at the property later on…

Remember, finding a home can be a stressful experience and scam artists use this to take advantage of unsuspecting renters. If you are new to Canada, you might want to consider hiring a realtor to help you in your search.

Understand the Mississauga Real Estate Market

Knowing how much the average property type you are interested in is renting for on average will help you determine the best course of action. As I said at the beginning of this article, rentals are in high demand in Mississauga, and they tend to be rented out very quickly if they are reasonably priced.

Feel free to contact us and we’ll be happy to give you the average rental price range for the home style you’re interested in.

Offering on a property

Once you’ve found a property that you’re interested in, it’s time to make an offer to rent. If you are using the services of a real estate agent they will prepare all of the paperwork and negotiate on your behalf.

If you are doing it yourself that’s ok too, as of 2018 most residential leases in Ontario are required by law to be filled out on the standard Residential Tenancy Agreement. This form was implemented to help protect tenants and make it more clear what their rights are throughout the process. The landlord should be familiar with this document and able to explain it.

Regardless if you are using the services of a real estate agent, or doing yourself, I highly recommend you review the Government of Ontario’s website – Renting in Ontario: Your Rights.

Negotiation

Hopefully by this point you’ve found a home to rent, and are negotiating the terms of the agreement. Keep in mind that the landlord is allowed to ask for certain information when deciding to choose a prospective tenant. Check out the Ontario Human Rights Commission for more information on what a landlord can and can’t ask for, and how your privacy is protected.

Conclusion

I hope this article has helped you in search to find a home to rent in Mississauga. I wrote this article because there are many people out there looking for a home to rent, and especially for people who are new to Canada, they may not know how the system works in Ontario. If you are new to Canada I highly recommend you take the time to review the resources in this article ahead of time.

Working with the Village Guru to Rent a Home in Mississauga

We appreciate your interest and if you would like our help finding you a house or condo to rent in Mississauga, contact us so we can find out more and arrange time to speak. However, in order to save time, I want to be upfront and say that the majority of our business is buying and selling homes. If we can help you we will be happy too, but if we are unable to assist we will let you know right away.

If you have any other questions about real estate in Mississauga, let us know in the form at the bottom of this page.