Finding an apartment in Montreal nowadays seems like a hassle considering these two factors,
- Low Vacancy Rates
- Ridiculous apartment price surge/month
As Philippe Hurteau said, people nowadays are forced to stay in their ridiculously overpriced, small apartment that is inconveniently far from work because of the low vacancy rate (1.5%), which has been according to CMHC, the lowest vacancy rate since 2001. Curtis and Mahoney (2019) This means that a lot of people are afraid to move out or consider a better option for them because there is literally close to none apartments that are vacant. Another reason is the fact that a lot of landlords have been evicting some tenants to inspect and renovate some apartments in order to increase the rent in order to “stay in the game”. Curtis and Mahoney (2019)
Now the question is, how can you have a competitive advantage over other applicants for limited vacant apartments in Montreal?
There are usually multiple applications for available affordable units, and the landlords and property management companies base their decision on the following main factors,
- Initial meeting at the viewing
- A very thorough screening process.
Initial Meeting at the Viewing
Like any interview you go to, a viewing is a similar process. You are there to assess if the apartment suits you and the leasing & property managers are unconsciously doing the same. Like any kind of relationship, we enter, both parties should click! Here are a few tips to have a lasting first impression on:
Are you on time for the visits?
Both parties should respect each other’s times and be ON TIME.
If you can’t make it, did you give a reasonable amount of time beforehand to send that text (around 2-4 hours before the viewing time), “Sorry I can’t make it”?
This applies to both parties.
How you present yourself.
I am not talking about how you look! Lasting impressions are greatly affected by how you behave and communicate. Are you respectful, honest and open? Agrasoy Realty really values these traits, and it usually factors big points, while assessing the applicants.
We expect to be treated as we treat our clients, with respect, honesty and openness.
Screening Process
Agrasoy Realty usually screens their applicants on many different levels,
- Criminal Records & Files at the Regie du Logement
- Credit Score
You need to start to check your current score first. You can visit www.borrowell.com to run their free credit score. Another way to know your credit score is to communicate with your bank. Now you may tell me, yes but I just moved to the country, my credit score will probably not be as what you expect. I am here to tell you, yes definitely, we do take that into consideration while processing applications. You need to find a guarantor with stable income and good credit score to endorse you for lease signing.
You want ways to improve your credit score, please refer to this site for more information:
https://www.transunion.ca/personal/credit-report-charlie?channel=paid&cid=ppc:google:nonbrandCanadaCreditScoreDQuebecSK&gclid=EAIaIQobChMImo36ooDK5wIVxZyzCh0NwwRIEAAYASAAEgJ08_D_BwE
Your Last 3 Paystubs or Employment Letter
Your annual income should be minium 3 times the yearly rent amount. For example, if you are renting out a $1200 per month apartment, which amounts to $14,400 per year, your annual income should amount to $14,400 x 3 = $43,200.
An official employment letter could be another substitute for your last 3 income statements, and must include,
- Your duration of employment
- Your hourly and annual salary
- Position
REFERENCES! REFERENCES! REFERENCES!
Yes, my fellow potential tenants. Like the selection process at any company you apply to, you are going to provide your references! With a property management company, the most important references who we DO contact, and we DO know if you gave out the right information due to our resources, and the many years of experiences of detecting a sketchy call, are of the following,
- Your current landlord
- Your previous landlord
- Your employer
Don’t forget that respect and honesty can go a long way for having a competitive edge on other applicants.
If you have any further inquiries, please feel free to contact Agrasoy Realty Property Management and Leasing at (514) 476-7281, or shoot us an email at info@agrasoyrealty.com
References:
Curtis, C., & Mahoney, J. (2019, December 4). Rental market is expected to get even more dire in Montreal. Retrieved from https://montrealgazette.com/news/local-news/rental-market-is-expected-to-get-even-more-dire-in-montreal