Toronto Real Estate Blog Downtown Condos » rental

Loft for Lease at 380 Macpherson

Mark Savel — Tue, 17 Jan 2012 17:28:12 +0000

It’s not often that I promote leases on my blog, so when I do, you know it’s going to be a good one!

This spacious suite is located at 380 Macpherson and also goes by the name Madison Lofts. It’s 1 bedroom plus den loft that comes in at about 785 sq.ft. and features two separate marble bathrooms! It feels much larger with it’s 12 foot ceiling heights and long layout. From the walkout balcony you can take in the Cities beautiful sunsets as the views are clear to the west… and of course there’s the gorgeous views of Casa Loma from the couch! Not bad for a converted hydro building!

Click here to view the embedded video.

On the main level of the building there’s round the clock security at the front desk. In the same area you’ll also find a well equipped gym and a party room. Up-top is the rooftop terrace that features sun bathing chairs and gas BBQ’s and in the basement there’s ample guest parking. For the commuters, Dupont Station is literary at the end of the street!

I’m listing the unit for $1950 a month and we’re looking for a minimum of a 1 year lease. If you or someone you know is looking, feel free to send them my way!

Securing a Rental Unit in Downtown Toronto

Mark Savel — Wed, 05 Oct 2011 13:30:02 +0000

If you’re a Toronto Start reader, chances are, you woke up yesterday to a story that featured a very well known Realtor! He’s tall, successful, knows a lot about Toronto condos and has no hair on his head - Brad J. Lamb… just below him was the words of an average sized, modest Realtor, with a full head of hair – me (Mark Savel)!

A few days before the article was published, I had a lengthy talk with Susan Pigg – columnist for The Toronto Star’s Moneyville section. She was most curious about the current state of the Downtown Rental Market, and specifically if there was any truth to multiple offers scenarios for downtown condo rentals. Brad Lamb, Dominic Calla and myself were all asked to share our experience in leases with her. If you haven’t read it yet, give it a read here!

Naturally, an article can only fit so much… so I wanted to share some more insights from the streets to describe the current state of downtown rentals and how you can improve your chances of leasing a unit.

Last month I was fortunate enough to participate in four different rental transactions. In each case I represented one side (meaning tenant or landlord only) which gave me some really good knowledge on what both parties go through. In short, supply of rentals is much less than demand which has resulted in a tough time for potential renters!

Back in the day you could actually negotiate the suggested monthly rent (most people think that rent amount is carved in stone). In a balanced market I can usually negotiate anywhere from $25-$150 off the asking price. Various factors such as market conditions, unit appearance, and length of lease are just a few of the variables that can determine your bargaining power. In today’s market most of those chips are off the table. Some of the most popular areas people want to live are: Liberty Village, The Bay Street Corridor and The St. Lawrence Market. In these neighbourhoods units move fast…in less than a day in some cases with multiple people wanting the same lovely space as you. So why is this?

Location, Location, Location, lack of apartment style rentals and high purchasing costs are the typical reasons! For the Bay Street Corridor its the network of hospitals and proximity to the University of Toronto that makes it so desirable. In Liberty Village and The St. Lawrence Market, it’s the convenience of having practically everything within walking distance (banks, bars, grocery stores, gyms, LCBO etc). With such high demand, finding a place in these areas is often a tricky task.

So what can you do to improve your chances?

Every person I worked with last month got the first unit they wanted…how? They were very well prepared. Since landlords have a large pool of renters to choose from I always suggest my clients get few things in order before the search begins!

Landlords always ask potential renters to provide them with a current credit check. For $20-$30 you can have one prepared and printed online from Equifax or Transunion. The report is something landlords use to evaluate the history of your credit worthiness. By preparing one early, you can review it yourself to ensure to mistakes were recorded (a common problem these days).

An employment letter is another valuable document that can go a long way in securing a unit. It can be obtained from your companies human resources department and typically states how much you make a year and the position you hold.

Most Realtors (myself included) will ask you to fill out a rental application. It gives the landlord a quick summary of who you are as a person. It also asks for past references from previous landlords and employers.

Those three documents can be vital in finding a lease… and in some cases it may even secure you a place without going up in price. I also suggest having a certified cheque or bank draft for the first and last months rent prepared before your Realtor presents your lease. It shows you’re serious about the place and makes a great first impression!

Some extra expenses to plan for above and beyond rent are: Key deposits (typically $150-$200 paid at the beginning of the lease and is returned at end of lease), tenant insurance and utilities not covered in rent (ie. hyrdo/heat).

All this may seem like a lot for a lease, but remember landlords have the cards in their favour and want to protect their investment by renting out their condo to the most qualified renter!

Happy hunting!

What’s the difference between a Condo and an Apartment?

Mark Savel — Thu, 27 May 2010 02:03:39 +0000

Ever wonder why some people call their place of residence an apartment and others a condo? I sure did!

It was about 7 years ago when my curiosity had gotten the better of me (I wasn’t yet licensed as a Realtor). At the time, many of my friends were either buying or renting a place of their own. It was common to hear my renter friends say “come to my apartment this weekend” while the purchasing friends would say “you’ve got to check out the views from my condo”…or something like that.

For the most part I thought I had the terminology all figured out…the renters lived in apartments and the owners lived in condos. I’m sure some of you have thought…or at least asked the same question! After correcting numerous people on the differences, I’ve decided to put together a simple explanation that should clarify this often confusing use of terminology!!!

Here we go:

An apartment is a word used to describe the style of building! For example an apartment can take the shape of a high-rise or low-rise.

A condo (or condominium as they’re legally known) is a style of ownership and could come in a variety of forms…townhouses, detached houses, high-rise, low-rise, industrial or even retail! Therefore, a condominium is not defined by its physical structure but rather the way in which owners have agreed to share the ownership of the common elements of the property while retaining individual ownership of parts of the property which make up their units!

Now that we’ve gotten that straightened out, let’s get you a condo of your own…send me an email or give me a call I’d love to help!

Rental Transactions Increase

Mark Savel — Tue, 03 Feb 2009 21:39:23 +0000

The Toronto Real Estate Board just released it’s annual “Rental Market Report” full of good news for Landlords.

The report measured rented condo Apartments and Town homes from Sept 1st,08 to Dec 31st,08 vs Sept 1st,07 to Dec 31st,07. The results found that rental transactions increased by 30% compared to the activity seen in 2007.

Those numbers can be linked to the increase in newly completed condo apartments containing investor owned units as well as those buyers “sitting on the fence” waiting for prices to become more affordable.

The biggest question is: With transactions increasing, are rents following the same trend?
The answer: YES! Though not as high as the rental increase, rents have increased. The average for a 2 bedroom condo went up 2% to $1,895 vs $1,858 from the same time a year ago.

As the old business saying goes: “Buy low, Sell high.” Now’s a perfect opportunity for the condo buyer/investor to start looking and take advantage of the conditions in the marketplace. Multiple offers are seldom seen, and mortgage rates are historically low. The average rent for a one bedroom unit in the downtown district (C01) is $1,584. As rental increases are still expected in the coming year, it makes perfect sense to buy. Depending on your down payment, it’s possible to own for less then cost of rent.

If you’d like to view the Rental Market Report in full, send me an email and I’ll send it your way.

Happy Owning!