Renting in Mississauga
MISSISSAUGA RENTAL SERVICES
Finding good tenants is a task as challenging as finding the proverbial needle in the haystack. There is no dearth of people looking to rent. Yet, not everyone can qualify as an ideal tenant. So what do you do, short of throwing up your hands?
Team Kalia specializes in helping landlords find sound investment condos followed with qualified tenants in Mississauga and area. While landlords are aware of the many ways to find tenants for their condos on rent in Mississauga such as through local newspaper ads, websites like Gottarent & Kijiji, or hiring services of a professional real estate brokerage etc, we take things one step further by making you aware of several issues.
Landlords seeking tenants themselves need to note that Ontario Human Rights Commission does not allow discrimination against tenants. Landlords should be aware of what not to say in their ads on condos for rent in Mississauga. One wrong step can end in a host of legal hassles for landlords. If you don’t wish to risk it, remember it pays to go with the guidance of an experienced local Mississauga realtor team.
Renting in Mississauga is easier said than done
Finding good tenants requires a lot of time, effort, knowledge and experience. We can help reduce your dilemma and weed out bad lemons. With an ever growing list of new and existing clientele, we frequently answers some common questions raised everyday by landlord investors and tenants.
Here are some basic Q&A about renting in Mississauga
What are the fees for renting?
Tenants do not pay any fees to our brokerage. Landlords are charged a renting fee instead. On a one year lease, a standard commission of one month rent plus HST applies. The tenant pays to the listing brokerage first and last month's rent in advance. After deducting the one month rent and taxes, the balance is paid to the landlord. We will also request tenants, on behalf of landlords, to provide post dated cheques for the balance term of lease.
How do you find tenants for homes or condos for rent in Mississauga?
We maintain an active database of prospective tenants. These tenants are pre-screened and get the first hand opportunity to lease his landlord clients' properties. Team Kalia will list your property on the MLS Listing Service and other websites. The above mentioned fee is an all inclusive; no frills fee, that includes marketing the property, arranging showings, pre-qualifying tenants, making an offer to lease, paying tenant brokerage's commission and arranging landlord/ tenant interview, if need be.
How do you pre-qualify tenants for homes or condos for rent in Mississauga?
There are a lot of due diligence steps undertaken to shortlist tenants. These steps include: reviewing tenants' rental application form, their credit scores and credit history as reported by Equifax or TransUnion or Credit Karma etc., verifying their jobs/income, referrals etc. For newcomers or new immigrants, with no job or credit history, tenants are requested to provide proof of funds available that can convince landlords of regular rental payments. Many landlords accept international credit bureau reports (e.g. CIBIL or Experian). Newcomers are also requested to bring along a good reference letter from their previous bank from the last country of residence. Further, tenants may be asked to provide a guarantor in Canada who has a good credit and job.
What is your role once the lease is signed and do you help with landlord/ tenant issues during the term of the lease?
Once the lease has been signed and the landlord and tenant have met each other our job as a realtor ends. However, only for our investor clients who have bought their property with our Team, we offer free property management assistance.
What are the contract terms for homes or condos on rent in Mississauga?
A lease agreement (review Ontario's Residential Tenancy Agreement) is signed to help protect both; landlords and tenants, in accordance with the Residential Tenancies Act of Ontario. The Lease Agreement includes rent amount, lease term, deposit and other rental conditions such as: who pays for utilities, who takes care of repairs and maintenance, tenants' compliance with by-laws of condominium buildings, insurance of unit and tenants' contents, smoking and pet policy, showing of property to prospective tenants/ buyers nearing end of lease term, rent increase as per rent increase guidelines of Ontario Province etc.
How can landlords evict a tenant?
Landlords can evict a tenant for non-payment of rent at any time. Landlords can also evict tenants at the end of their lease term if the landlord wants sell the place, or want the place for their own or his/her immediate family or someone who will provide care services to the landlord or a member of the landlord's immediate family, if the person who will be receiving the care services lives in the same building or complex.
Can a tenant buy the landlord's property at the end of lease term?
Yes, this is possible, as long as both the parties agree. There can be brokerage fees involved for tenants in homes or condos for rent if the same was mentioned in the listing agreement for lease. A lease to buy option can also help a tenant purchase landlord's property.
The easiest and quickest way to find a rental property is to visit Canada’s official website REALTOR.ca. Should you see our listing at any time on REALTOR.ca, feel free to contact us and we will definitely book you a showing. You can download this site’s app for iPhone or Android phones.
REALTOR.CA website showcases the latest rental listings anywhere in Canada. Feel free to contact the REALTORS who show up next to listings that are of interest to you (including the listings shown below). These REALTORS represent respective properties that display next to their names. REALTOR.ca is an official website where you can find more than 90% of freehold and condominium listings for rent or sale. You can also check Gottarent.com for rental apartment listings.
FAQ for Tenants
What documents are required by landlords in order to lease a property?Landlords can request a fully filled our Ontario rental application form, credit reports (overseas credit reports work), job letters, bank statements etc.
If we have 5% down payment, good credit and a job, isn't buying a property better?
If you meet all the above criteria, buying a property might make more sense than to rent a home or condo. Learn about renting vs. buying and consult with Team Kalia to make the process easier for you.
Can we buy on a Work Permit?
Yes you can buy on work permit by paying 20% Foreign Buyer Tax in Ontario. This amount is reimbursed to you when you get your Permanent Residence (PR). Read more about buying on a work permit here.
What is Better - to Rent or Buy a Property after becoming a Permanent Resident?
We highly recommend buying vs. renting, as renting is simply throwing away money (or paying off someone else's mortgage), which you will agree, mostly does not make prudent sense. We conduct First Time Buyer sessions for Permanent Residents of Canada looking to buy in 1-2 years of landing. This informative session will clear any questions or concerns that you may have about buying a home or a condo in Mississauga & area as a First Time Buyer. By far the most important factor is building your own real estate wealth as soon as possible.
Remember - the amount that you pay as rent on a monthly basis can cover the cost of your own mortgage on your own home or condo, depending on the down payment that you are able to put in at the time of buying.
Second important consideration is that Real estate market is doing very well in Canada. If you have the cash to pay 20% NRST it might sense to pay it now and get this reimbursed after becoming a Permanent Resident. This way, your property might appreciate and you will also be able to save on rent. However, we do understand that circumstances might compel you to rent initially, before you can buy your first home in the GTA.