Before you sign
Cost it all in, not at the advertised rent
Utilities, tenant insurance, internet and parking are usually on top. The all-in figure is routinely $300–$600 above the number in the ad.
Rental affordabilityKnow what can be asked for up front
In Ontario a residential rent deposit is capped at one month’s rent, and it must be applied to the last month of the tenancy — it is not a damage deposit and cannot be spent on repairs.
Compare against buying, if that is open to you
Over a short horizon renting usually wins; the crossover depends on price growth, your rate and what the down payment would otherwise earn.
Rent vs buy
If your rent goes up
Check the increase against the guideline
Ontario sets a maximum annual increase for most units. The tool checks the amount, whether twelve months have passed since the last increase, and whether you were given ninety days’ written notice.
Rent increase checkKnow when the guideline does not apply
Units first occupied after 15 November 2018 are exempt from the guideline, though the notice and timing rules still apply. The tool has a switch for this because getting it wrong in either direction is costly.