It’s a tough rental market in Toronto – likely the most competitive we’ve seen. With the vacancy rate at 1.5% apartments are coming on the market and often renting the same day.

We get renters, we’ve rented and we have several tenant and landlord clients. We know the frustration when you do everything right and still don’t get the place. So to help out, we’ve compiled this list to give you a competitive edge when finding your next apartment – because, in this market, you need every tool you can find.

1. Work with a Realtor.

Disclaimer: yes, we get paid (by the landlord, not the tenant). However, we can be a great source of listings you might not find elsewhere and tips (like these!) to better increase your odds of securing the perfect place.

2. Get your criteria straight.

First, figure out where you want to live. Maybe you really like your current neighbourhood because you can get to work on the TTC in 15 minutes. Broaden your options by using a tool like Mapnificent to find all the hoods you can get to your job in 15 minutes. Perhaps a must have is a grocery store within a 10 minute walk, explore neighbourhoods with walkscore.com.

3. Search, search, search.

There isn’t a centralized source for all rentals in Toronto. There are the main sites that most people know about like Kijiji, Craigslist, zumper, and Veiwit.ca, but there are several other places to look online. Try the online classifieds for Now Magazine, the Toronto Star and the Globe and Mail.  Then there are the niche options that are worth a try: most neighbourhoods have a community newspaper or website where locals will post their rentals, such as the Beach Metro Community News.

4. Get local.

Speaking of neighbourhoods, a great way to find an apartment is to hit the streets in the area you want to live and look for the trusty “for rent” sign in windows. Drop into the local coffee shop and check out their bulletin board for postings. Even grocery stores tend to have a place where people can post their local adverts. With cell phone in hand you can call on the spot and since you are already in the area you may be able to check out right away.

5. Set up Google Alerts.

If you aren’t familiar with Google Alerts, well, this is going to change your life. Or at least your apartment search. Set up an alert for what you are looking for. The key is to be generic, say 2br in Leslieville. Don’t give a price since you’d only see the exact matches and could miss out on something great $100 less than your upper limit. Select “everything” for the result type, “as it happens” for the frequency and “all results” for how many. Then boom – you’ll get notices to your email as listings come up. They won’t be perfect, but after a couple days of checking into Kijiji and wondering why all the good listings are always already rented you’ll realize that either your competition is sitting in front of a computer all day like it’s their job to hit refresh or they have set up Google Alerts as well.

6. Get application ready.

Each landlord seems to have a different application. Be prepared by doing the legwork ahead of time. Get your letter of employment ready. Get your credit score and print it out from Equifax or TransUnion. This is a great double whammy since you are saving your future landlord time and money by doing it yourself. Prepare a list of references: past two landlords, past two employers and two personal references (a former roommate is a good one, your mother not so much.) Then you can fill out the application in a snap.

7. Deal with any “bumps”.

What do we mean by bumps? Well, maybe your credit score isn’t so hot because of a billing dispute with your cell phone service provider years ago. Being able to explain what brought your score down and your history (backed up by the report) shows you’ve been on consistent good behavior since. If it’s seriously shaky, line up a guarantor and get a letter from them confirming their support.

8. Be flexible.

Maybe you are looking for the first of the month and you see a vacant place. Get ahead of the other renters looking for the first and offer for the 15^th. Sure, you will potentially end up eating 2 weeks of rent at your current place, but securing the place you want might just be worth it.

9. Write a cover letter

A covering letter to go with your application package can make all the difference. A brief letter outlining who you are and why you would be a great tenant will serve as a reminder when all the applications are reviewed.

10. The money.

You will likely have to give a deposit for first and last months rent. Have the money ready. It’s the last step, it’s simple, but oh so important.

Phew, if you feel like all this is a second job, well, you understand why I went into real estate. For the longest time I would help all my friends find their apartments not understanding why everyone didn’t enjoy apartment hunting. Hopefully, with these tips, your next search will be easier. And, you can always contact us for help.

Update! We’ve got ten more tips to help you become an expert apartment hunter! Check them out: Ten More Tips to Conquer the Toronto Rental Market