Current Rental Market Overview

The Annex: Premium Urban Living

As of July 2025, The Annex commands a median rent of $2,250 for all bedroom types, representing a 15% premium over the national average. The South Annex area sees even higher rents at $2,800 median, though this represents a 9% decrease compared to the previous year, reflecting broader market cooling trends.

The broader Toronto rental market has experienced significant shifts, with average one-bedroom rents in the city dropping by $91 year-over-year to $2,148 as of May 2025. Greater Toronto Area condominium apartment rentals became more affordable in Q2 2025, with average one-bedroom rents down 5.1% to $2,326.

Market Trends and Opportunities

The current rental market presents opportunities for renters, particularly in The Annex where luxury meets accessibility. Strong inventory levels have given renters substantial negotiating power with landlords due to a very well-supplied marketplace. This buyer’s market environment means potential tenants can often negotiate better terms, reduced rents, or additional amenities.

For those seeking apartments for rent in Toronto, understanding these market dynamics is crucial for securing the best possible rental arrangements.

The Annex: Where History Meets Modernity

Neighborhood Character

The Annex stands as one of Toronto’s most prestigious residential areas, offering a perfect blend of Victorian architecture and contemporary urban amenities. This tree-lined neighborhood is characterized by its historic homes converted into apartments, modern condominiums, and a sophisticated cultural atmosphere.

Key Features of The Annex

Architectural Heritage: The neighborhood boasts stunning Victorian and Edwardian houses, many converted into spacious apartments that retain their historic charm while offering modern conveniences.

Prime Location: Strategically positioned between downtown Toronto and midtown, The Annex provides easy access to the city’s business districts while maintaining a residential feel.

Cultural Hub: Home to numerous galleries, theaters, and cultural institutions, making it ideal for arts enthusiasts and cultural professionals.

Transportation and Accessibility

The Annex offers excellent connectivity through multiple subway stations including Spadina, St. George, and Bay stations on the Bloor-Danforth Line. This makes commuting to downtown Toronto, the University of Toronto, or other parts of the GTA convenient and efficient.

Residents also benefit from extensive streetcar routes along major arteries like Spadina Avenue and College Street, providing additional transportation options for daily commutes and weekend exploration.

Amenities and Lifestyle

Shopping and Dining: Bloor Street West serves as the neighborhood’s main commercial strip, featuring upscale boutiques, cafes, and restaurants. The area is particularly known for its diverse dining scene, from casual bistros to fine dining establishments.

Green Spaces: Proximity to major parks including Queen’s Park and Philosopher’s Walk provides residents with ample outdoor recreation opportunities within walking distance.

Educational Institutions: The University of Toronto’s main campus borders The Annex, making it particularly attractive to students and faculty seeking quality housing near campus.

Rental Property Types in The Annex

1. Heritage Conversions: Historic homes converted into apartments, offering unique layouts and character features
2. Modern Condominiums: New construction buildings with contemporary amenities and layouts
3. Mid-rise Apartments: Purpose-built rental buildings from various eras
4. Basement Apartments: More affordable options in converted houses

Kensington Market: Bohemian Heart of Toronto

Neighborhood Character

Kensington Market represents Toronto’s bohemian soul, designated as a National Historic Site for its cultural significance. This eclectic neighborhood is renowned for its artistic community, diverse food scene, and unique shopping experiences that attract both residents and visitors from around the world.

Cultural Significance and Atmosphere

Artistic Community: The area serves as home to numerous artists, musicians, writers, and creative professionals who contribute to its vibrant cultural landscape.

Multicultural Heritage: Reflecting waves of immigration, the neighborhood showcases influences from Jewish, Portuguese, Caribbean, and Latin American communities.

Alternative Scene: Independent shops, vintage stores, and alternative businesses create a unique retail environment unlike anywhere else in Toronto.

Transportation in Kensington Market

While Kensington Market doesn’t have direct subway access, it’s well-served by public transit:

• Dundas West Station: Approximately 10-minute walk
• Spadina Station: Short streetcar ride on the 510 Spadina line
• College Station: Accessible via College Street streetcar

The neighborhood’s central location makes it walkable to many downtown destinations, and the extensive streetcar network provides excellent connectivity across the city.

Unique Amenities and Attractions

Kensington Market: The neighborhood’s namesake market offers fresh produce, specialty foods, vintage clothing, and artisanal goods in a vibrant outdoor market setting.

Diverse Dining: From authentic ethnic cuisine to innovative fusion restaurants, the area provides unparalleled dining diversity within a few square blocks.

Live Music Venues: Multiple venues host live music, from intimate clubs to larger performance spaces.

Proximity to Chinatown: Adjacent to one of North America’s largest Chinatowns, expanding dining and shopping options.

Rental Options in Kensington Market

Recent data shows the average monthly rent in Kensington Market is up 17.25% compared to last month but down 14.71% year-over-year, indicating market volatility but also potential opportunities for renters.

Available Property Types:

• Converted heritage buildings with character apartments
• Artist lofts and creative spaces
• Small apartment buildings
• Shared accommodations popular among students and young professionals
• Basement apartments and rooming houses

For those interested in exploring pet-friendly apartments, many Kensington Market properties welcome pets, recognizing the neighborhood’s laid-back, inclusive atmosphere.

Comparing The Annex vs. Kensington Market

Price Points and Value

The Annex: Generally commands higher rents due to its upscale location and proximity to major transit lines. Expect to pay premium prices for the convenience and prestige.

Kensington Market: Offers more affordable options, particularly appealing to artists, students, and young professionals seeking character and community over luxury amenities.

Lifestyle Considerations

The Annex:

• More suited for professionals and those seeking upscale urban living
• Excellent for those working downtown or at University of Toronto
• Family-friendly with good schools and parks nearby
• Quieter residential atmosphere

Kensington Market:

• Perfect for creative individuals and those seeking cultural immersion
• Ideal for those who value community and artistic expression
• More transient population with students and young professionals
• Vibrant nightlife and 24/7 energy

Transit and Commuting

Both neighborhoods offer excellent transit access, though The Annex has more direct subway connections. Kensington Market relies more heavily on streetcar networks but remains highly accessible.

Practical Tips for Apartment Hunting

Best Times to Search

Based on market trends, the optimal apartment hunting periods are:

• Late fall/winter: More inventory and landlord flexibility
• Early spring: Before summer moving season increases competition
• Mid-month: Avoiding month-end rushes when most leases begin

What to Look For

In The Annex:

• Heritage details and character features
• Proximity to subway stations
• Building amenities and maintenance quality
• Noise levels (some streets can be busy)

In Kensington Market:

• Natural light (some buildings can be darker)
• Parking availability (street parking can be challenging)
• Building security and condition
• Noise tolerance (vibrant area with nightlife)

Budgeting Considerations

Beyond monthly rent, factor in:

• Utilities: May not be included in rent
• Parking: Can add $100-200+ monthly in The Annex
• Transit costs: TTC monthly passes for daily commuting
• Lifestyle expenses: Dining and entertainment costs vary significantly between neighborhoods

Living Costs and Budgeting

Monthly Expenses Beyond Rent

Utilities:

• Electricity: $50-100/month depending on apartment size and usage
• Internet: $50-80/month for high-speed connections
• Water/heating: Often included in rent but verify beforehand

Transportation:

• TTC Monthly Pass: $156 (adult)
• Parking: $150-250/month in The Annex; $75-150 in Kensington Market
• Bike storage/maintenance: $20-50/month if cycling

Lifestyle Costs:

• Groceries: $300-500/month per person
• Dining out: $200-800/month depending on habits
• Entertainment: $100-300/month

For comprehensive budgeting assistance, consider using RentSeeker.ca’s resources for apartment life planning and cost estimation tools.

Future Development and Investment Potential

The Annex Development Trends

The Annex continues to see strategic development that balances heritage preservation with modern housing needs. Recent projects focus on:

• Heritage building conversions maintaining architectural integrity
• Mid-rise developments that respect neighborhood scale
• Improved pedestrian infrastructure and green spaces

Kensington Market Evolution

While maintaining its bohemian character, Kensington Market faces pressures from gentrification. Current trends include:

• Careful preservation of market atmosphere while improving infrastructure
• New housing projects designed to maintain affordability
• Enhanced public spaces and cultural facilities

Long-term Market Outlook

With Toronto’s housing market showing early signs of recovery and improved affordability thanks to lower borrowing costs, both neighborhoods remain attractive for long-term residence. The unique character and central locations of both areas suggest continued demand and value retention.

Seasonal Considerations

Summer Living

• The Annex: Tree-lined streets provide natural cooling; proximity to parks ideal for outdoor activities
• Kensington Market: Vibrant summer festivals and outdoor events; market atmosphere at its peak

Winter Comfort

• The Annex: Heritage buildings may require higher heating costs; excellent indoor cultural activities nearby
• Kensington Market: Cozy indoor venues and restaurants provide warm gathering spaces; potential heating challenges in older buildings

Community Resources and Services

Healthcare

Both neighborhoods offer excellent access to healthcare:

• Toronto Western Hospital: Easily accessible from both areas
• University Health Network: Multiple facilities nearby
• Walk-in clinics: Numerous options throughout both neighborhoods

Education

• University of Toronto: Primary campus adjacent to The Annex
• OCAD University: Close to both neighborhoods
• Public and Catholic schools: Available for families with children
• Adult education: Continuing education opportunities abundant

Shopping and Services

• The Annex: Bloor West offers major retailers and services; Honest Ed’s legacy area development
• Kensington Market: Unique independent shops; specialty food markets; vintage and thrift stores

Safety and Security

Neighborhood Safety

Both areas are generally considered safe, with regular police patrols and active community involvement:

The Annex:

• Well-lit streets and regular foot traffic
• Active neighborhood watch groups
• Good emergency services access

Kensington Market:

• Community-oriented safety initiatives
• Busy streets with natural surveillance
• Some areas may be quieter late at night

Security Tips

• Choose buildings with secure entry systems
• Verify lighting around potential apartments
• Research building security measures and policies
• Connect with neighbors and community groups

Final Recommendations

Choose The Annex If You:

• Prioritize convenience and upscale amenities
• Work downtown or at University of Toronto
• Prefer quieter residential atmosphere
• Value heritage architecture and tree-lined streets
• Don’t mind paying premium prices for prime location

Choose Kensington Market If You:

• Seek vibrant cultural immersion
• Value artistic community and creativity
• Prefer more affordable rental options
• Enjoy diverse food scenes and nightlife
• Want to be part of Toronto’s bohemian heart

Universal Tips for Both Neighborhoods:

1. Start your search early: Quality apartments move quickly in both areas
2. Verify all lease terms: Understanding tenant rights and responsibilities
3. Inspect thoroughly: Check for maintenance issues and building conditions
4. Research building management: Reviews and reputation matter
5. Consider long-term goals: Both neighborhoods offer different lifestyle trajectories

Conclusion

The Annex and Kensington Market represent two of Toronto’s most distinctive rental markets, each offering unique advantages for different lifestyles and priorities. The Annex provides upscale urban living with excellent transit connections and cultural amenities, while Kensington Market offers bohemian charm and cultural immersion at more accessible price points.

With current market conditions favoring renters through increased inventory and negotiating power, now represents an excellent opportunity to secure quality housing in either neighborhood. Whether you choose the sophisticated elegance of The Annex or the artistic vibrancy of Kensington Market, both areas provide authentic Toronto living experiences that combine urban convenience with distinctive community character.

For those ready to begin their apartment search, RentSeeker.ca offers comprehensive listings and resources to help find the perfect rental in these exceptional Toronto neighborhoods. Take advantage of current market conditions and discover your ideal home in York Toronto’s most captivating communities.

Ready to start your apartment hunt? Explore our extensive listings of apartments for rent in Toronto and discover your perfect home in The Annex or Kensington Market today. Our platform provides detailed property information, photos, and direct contact with landlords to streamline your rental search.

The economic and social effects of the pandemic have caused a seismic shift in the rental market. As Canadians across the country continue to deal with the challenges of Covid-19, many are wondering what the impact will be on prices and demand. RentSeeker is providing insights and predictions for what can be expected in the rental market moving forward along with apartment resources for renters during these challenging times. 

Image Source – https://www.freepik.com/premium-photo/toronto-skyline-night_6605875.htm

Impact To Date

Covid-19 had a colossal impact on the rental market over the past year. In the most extreme cases, rental condo unit prices in downtown Toronto were down 20% year-over-year as of November 2020. Other sources have shown that overall, all types of rental listings are down in price 7.1% annually as of January 2021.

The following chart shows the average rent price and annual change for all types of rental properties over the past year. Between May and December of 2020, rental prices were 8% lower on average year-over-year. 

Various apartment finders across Canada, for example, Canada’s #1 Apartment Finder, RentSeeker.ca has a REAL-TIME Average Rent Costs Page (for both Renters & Landlords), so they can view what REAL-TIME Apartment Prices are, you can check out RentSeeker.ca’s Average Rents Across Canada Page here:

https://www.RentSeeker.ca/average-rent-prices-canada

Average Rents for Apartments across Canada in Real-Time on RentSeeker.ca

Other rental websites, showing rental data; includes CMHC, 4rent, and other rental websites, including rentals, zumper and Zillow & more.

Last January was a long time ago. At the start of last year, the outlook for the rental market was very competitive as vacancy rates hit all-time lows. Renters faced bidding wars for the few units that were available, and prices were predicted to rise along with demand. This January, the outlook is very different with both metrics reversed. Prices are lower and so is demand, which could lead to a further reduction in prices over the next few years while vacancy rates continue to increase. Simply put, there are no indicators (despite the release of the vaccine) that this trend will stop anytime soon.   

Renters and landlords are experiencing new challenges adapting to evolving regulations and market demand is rapidly changing. Families are migrating to the suburbs in search of space, and once highly sought after downtown condos are sitting vacant for months. It wasn’t that long ago that a year lease would never include a month (or two) of free rent. 

Source – https://www.rentseeker.ca/rent/apartment/ontario/toronto/5380/355-st-clair-avenue-west

Over the past few years, the Canadian rental real estate market has grown exponentially, with demand (and prices) for downtown units skyrocketing. After multiple years of new highs, 2021 will see new lows for many segments of the rental market. This is in staunch contrast to the real estate market as a whole which is expected to hit new highs in 2021. 

The CREA just announced that national home sales set another all-time record in December 2020. The following chart visually shows how active the real estate market has been over the last year. 

Source – https://creastats.crea.ca/en-CA/

Changes in Renter Demographics

Renter preferences changed overnight once Covid-19 hit. With prices reaching all-time highs over the past few years, many renters have been considering options outside of major cities. The exodus has officially started, and for the first time in many years, demand for rental condo units has declined significantly. A tidal wave of vacant units has swept over downtown cores and there are deals to be found in areas that previously had record low vacancy rates. 

Renters Market

Renters are in the driver’s seat for the first time in years. Toronto’s vacancy rates for apartments built in the last 15 years (since 2005) hit 5.7% this month, the highest level for the city in the last 50 years. 

The December Rentals.ca Rent Report showed that rental prices for all property types were down 9.1% annually in November 2020. Condos were the hardest hit property type with the average rent price falling just over 19%. 

If you are thinking about moving, now is a great time to consider your options as landlords compete for quality renters. There are discounted apartments for rent in Toronto and there are deals to be found across the country. For more information, renters can also check out our guide to average rent prices in Canada to help gauge the current market.

Benefits To Those In the Market

Through the challenges of the pandemic, there have arisen opportunities for those who are currently in the market for a new rental property. Maria B, a 31-year-old IT worker who saw their job transition to a fully remote position has decided to upgrade from a basement unit to a condo. Between the savings from not commuting and reduced entertainment expenses, she decided that now is a great time to upgrade and invest more of her monthly income towards her home.

“I’m able to afford a rental unit in a very desirable area of the city now. I’m thinking long term, and getting a month of free rent”. A year ago Maria would have had a lot of competition for units that are now reduced in cost. 

Space in the Suburbs

Space is a very precious commodity right now. With lockdown regulations in place, your home is truly your palace. The desire for larger homes and backyard living space has driven families back to the suburbs. Real estate prices have exploded in areas outside the GTA and demand for rental units outside of the city is increasing as well. These factors have contributed to lower demand for city units and prices have dropped accordingly. 

David C is a realtor in Barrie with an office in Toronto. “I’ve never seen demand like this for areas outside of the city” and continues to say “I expect to see this pattern continue as families, and remote workers, in particular, are realizing the benefits of more space and comfort outside of the city”.

Remote Work

The shift to remote work has accelerated exponentially since the pandemic. Once considered a lifestyle trend, remote work is the new reality for many people and businesses. Office buildings are sitting empty and as more companies adopt remote work scenarios, continue to see demand in downtown city cores decrease across the country. 

Those who are now working from home are reconsidering their living spaces. Small condos are no longer favourable options and demand for single-family homes and detached homes have driven bidding wars. 

Closed Borders & Immigration

Immigration is an essential component of the Canadian economy and continues to be one of the most important factors affecting demand in the Canadian housing market. Global health concerns have brought immigration to a halt, severing the supply of renters that were once a vital contributor to the housing market. These changes have further contributed to the flood of available condo units on the market for sale and for rent. 

No Tourism & The Increase in Available Rental Units

Most countries’ borders are closed, meaning travel and tourism has ground to a halt and most likely will be banned for the foreseeable future along with travel restrictions. A lack of tourists has put a dent in the Canadian economy and employment rates. Tourism is a major part of the economy and accounted for 2% of Canada’s GDP in 2019 and over 750 000 jobs. The lack of tourism has contributed to lower rental prices in several ways. 

Airbnb units sat vacant for months on end, and eventually, many owners transitioned them into long term rental units. As a result, the market was flooded with units that previously were in the Airbnb system, contributing to lower prices and increased supply for renters. As the pandemic drags on, more short-term rental unit owners will be dealing with surmounting debt, contributing to the swelling supply of rental units and condo units for sale. The supply of Airbnb units hitting the market has had a dramatic impact on housing in Toronto, as reported by the CBC. 

Secondly, there is a large number of people who have and will continue to struggle with employment that works in tourism or directly related industries. As a result of no tourism, there are fewer renters looking for places in popular entertainment areas and downtown cores. 

Image Source – https://www.freepik.com/free-photo/low-angle-shot-buildings-harbourfront-toronto-canada_10292907.htm

Changes & Challenges for Landlords

To fully understand the changes going on in the rental market, it’s important to analyze the perspective of landlords and property owners who are facing their own challenges. 

Danny works for a property management company in Toronto’s downtown core and stated that over the past half-year, in particular, the oversupply of rental units compounded with the lack of renters has created a market never seen before. “Before the pandemic there used to be 10 applicants for every property. Now there seem to be 10 properties for every renter”.

To navigate the challenges of 2021 and beyond, property owners will have to face difficult choices. Many have opted to lower prices, and others have incentivized renters with one or two months of free rent. 

Rent Freeze

It’s important to highlight that many provincial governments imposed regulations to freeze rent increases in 2021 in an effort to help protect renters. Ontario introduced legislation to freeze rent prices in 2021 and other provinces have introduced similar legislation. We can expect that in the years following 2021, annual increases will be regulated in efforts to help both renters and property owners. 

Freezes on Evictions

Freezes on evictions have left many properties in a state of limbo. To further compound many situations, legal processes have been slow or temporarily stopped due to the pandemic. Over the summer the Protecting Tenants and Strengthening Community Housing Act was introduced to help ease the situation. Essentially landlords are being encouraged to negotiate repayment agreements with their tenants instead of seeking evictions if rent payments cannot be paid due to COVID-19 implications. 

Showings Are Not the Same

Nothing will motivate prospective renters like a good showing. With current lockdown regulations in place, landlords have to utilize new tactics to sell renters on their units and increase exposure. The transition to a digital real estate environment has accelerated in the age of the pandemic, and here at RentSeeker, we’re helping landlords embrace the change. 

RentSeekers offers industry-leading apartment and real estate marketing solutions for landlords who are experiencing challenges with vacant properties. 

Unemployment

With many Canadians struggling with employment, finding quality applicants is very challenging and will be for months to come. Without full employment, it’s complicated to complete a rental agreement and unfortunately, many Canadians are dealing with unemployment or reduced income. The following graph shows the employment percentage change for Canadians over the past year

Source – https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020009-eng.htm

Moving Forward

There is no shortage of challenges moving forward for renters. Safety and health concerns will continue to lower demand for rental apartments in densely populated cities contributing to decreases in prices. Landlords will have to continue to offer favourable prices and incentives for renters. 

Contributing to the vacancy rates is the number of new units hitting the market. Over the past few years, condo building construction has increased, with Toronto trailblazing a new path. Not only does Toronto have the most number of active cranes of any city in North America, but the figures are so high that it’s estimated that 30% of all cranes in North America are currently in Toronto. 

Despite the daunting challenges ahead, the real estate market is predicted to steadily increase throughout the year. The Canadian Real Estate Association predicts the average home prices to increase by 9.1% in 2021. Some predictions are calling for a record year ahead, complete with bidding wars and buyers taking advantage of record-low mortgage rates, according to RBC Senior Economist Robert Hogue in this report. 

When a large tree falls in a forest it leaves behind a path of destruction. The force of a large tree falling will create a large hole in the canopy known as a tree fall gap. Within the wake of the damage arises the opportunity for smaller plants and trees to thrive in the short term until the canopy is once again filled overhead. Covid-19 has ripped a hole through the rental market, and in its wake, will be a future of lower prices and increased options for renters.

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Furnished apartments have become so popular that they often warrant their very own sections on websites like Kijiji, Craigslist and RentSeeker.ca.

So what’s all the fuss? Put simply, furnished apartments offer a whole number of advantages for people of all ages and from all walks of life.

If you’re looking for a new home and want to find out if a furnished rental apartment is the best option for you, read on to learn about their many benefits.

Benefits of renting a furnished apartment

1. Easy, Breezy Moving

Let’s face it – no one likes moving. Lugging couches up flights of stairs is a chore that we’d all like to avoid.

With furnished apartments, there is no huffing and puffing and struggling to fit your coffee table into an elevator – the furniture is already set up and waiting for you to come in and relax.

There’s no need to worry about renting a truck or hiring a moving company, either. All you need to think about is bringing in your personal possessions, like clothes and books, while everything else is already there for you.

Many furnished apartments even come complete with a fully stocked kitchen, including plates, glasses and cutlery. Instead of it taking months for you to get settled in, you’ll be living large in only a day or two.

It doesn’t get any better than that.

2. First Apartment? No Problem!

Ah, the first apartment move. It can be stressful trying to find the perfect place to live, let alone figuring out how you’re going to afford all that brand new furniture.

This conundrum is particularly acute for students, who generally have their attention focused elsewhere (like studying for that mid-term.)

Wouldn’t it be nice to just move in and have your bed, television and microwave already there?

Furnished apartments will afford you that luxury and help to reduce the impact that buying furniture would have on your financial bottom line.

The type of furniture you’ll generally find included in these suites are beds, kitchen tables, couches and televisions – in other words, all of the big, heavy stuff that you won’t have to move yourself.

3. Bright Lights, Big City:

If you’re one of the many people who has to move to a new city for work, you already know what a headache it is to arrange shipping your furnishings for a long-haul move.

With a furnished apartment, you can ensure that getting settled in your new city is simply a matter of figuring out the public transit system.

Furthermore, if you plan on bringing out your own furniture at a later date but need to start your new job right away, furnished apartments help you through the transition phase of the move.

Whether you plan on living there for only a few months or for a year, a furnished apartment gives you a comfortable place to hang your hat at night while you sort out the logistics of the big (eventual) move.

Imagine how much easier moving day will be when all you have to worry about is a few boxes!

4. Decor for Dummies

If decorating is not your forte, furnished apartments will be right up your alley.

Having an apartment with art on the walls and little knick-knacks scattered throughout is what really makes it feel like a home. Bare walls give the feeling of temporariness, while tasteful decor gives your apartment that lived-in vibe.

The vast majority of furnished apartments come finished with decorations already in place. While they may not necessarily be completely your taste, it is comforting to move into an apartment that has a ready-made homey feeling.

If you’ve made the decision to go for a furnished apartment, you’ll probably want to make it feel like your own once you move in. Apartment Therapy shows you the way in their piece “Making a Furnished Sublet Feel Like Home”

5. Transitional Phase

Life happens, and sometimes you need to leave a situation you are in but are unable to take any furnishings with you.

Renting a furnished apartment will provide you with all the comforts of home while giving you time to save up the money to buy your own brand new furniture.

6. Easy Monthly Bills

Many furnished apartments are also advertised as being “all-inclusive”. This means that your heat, electricity and water are all wrapped up into your monthly rent charge.

In some cases, “all-inclusive” also means that cable and internet charges are added to your rent each month. These options are very attractive because you will never have to worry about surprise bills – you know exactly how much you’ll need to pay each month and you’ll only be paying it to one person (your landlord).

Things to consider

Now, there are some important things you should consider before deciding on renting a furnished apartment:

1. Lack of Choice

A possible downside to renting a furnished apartment is that you will have zero say in what your furnishings look like. You could get a beautiful leather couch, but you could also get a couch that hasn’t been reupholstered since the eighties ????.

It’s important to look at the furnished apartment before you sign the lease, so you will know if you can live with these items or not.

Also, It’s a good idea to check with the landlord if you can bring in your own furnishings down the road.

2. Liability

As with any apartment, you are liable for damage caused that isn’t regular wear-and-tear. When renting a furnished apartment, it’s important to note that you may be on the hook for replacement of furnishings. If something happens to them (like a large rip or a burn that was inflicted due to negligence). This can be costly if you are not careful.

Moving-in Checklist

If you will be renting a furnished apartment rental, you may be wondering what are some of the things you should ask and know. Well, our team here at RentSeeker.ca, came up with some ideas for you:

1. Items

The first question you should ask is for them to give you an itemized list of the furniture that is included in the apartment and the condition that it is in. For example;

• Couches
• End tables
• Bed(s)
• Kitchen table
• Lamps
• Televisions
• Toaster ovens
• Chairs
• Microwave
• Dishes
• Cutlery
• Crib

and…well, you get the idea.

2. Included or not?

Another important question to ask is if the rent price includes the furniture or if there is a separate fee for that. You don’t want to move in only to realize that there is another fee on top of the one you are paying already.  Know how much the total bill would be at the end of every month!

3. Are utilities included?

Ask  if utilities are included. This can vary by Landlord, so make sure to ASK. The same holds true regarding cable TV, phone lines, etc,.

4. Is there a security deposit for the furniture?

Ask  if there is a security deposit for the furniture. Instead of charging for repair, some landlords will often ask for a deposit to cover any potential damage that might accrue. This can work out to your benefit as it means that if you are careful you wouldn’t have to pay anything for repairs. However the downside is that you have to give a lump sum in advance. This is often negotiable so ask your landlord what arrangements you can work out with them.

5. What type of building amenities are there?

Find out what type of amenities the building and area offer. Sometimes  newer built  furnished property rentals will offer a higher standard of amenities and services on site.

These are some questions we came up with that you might wish to ask your landlord before you commit to  your  rental agreement. Think of your own questions and post them and share them on RentSeeker.ca on twitter — so that others can benefit from your ideas and experiences!

We hope this guide will help you make an informed decision. Let us know in the comments below if you are planning on renting a furnished apartment.

The RentSeeker.ca Team