Toronto's condo boom over the past decade has attracted many investors who are now renting out their condos - both furnished and un-furnished. There are now more luxury units available than ever before in new buildings in Toronto's most sought-after neighborhoods.
Are affordable units available?
In short, yes. Many rental condos in Toronto are expensive due to the luxury amenties in the building (read: pools, spas, theatres etc.) however there are ways to find a deal if you are determined. If you're not willing to sacrifice amenities, you can opt for a lower floor in a condo which is less expensive. If you don't have many belongings, units without parking or downstairs storage are cheaper. Location is also an important consideration. Choosing a neighborhood that is less central will reduce the cost significantly.
How to find a unit
Searching for a condo rental in Toronto can be a daunting process. There is no one website that has all the listings. If you are short on time, the best thing to do is contact a realtor who specializes in rentals. To get good service from a realtor you should express that you're looking to rent quickly, and give them a budget that matches what's available in the neighboorhood. Keep in mind that they make a commission only if you rent with them, so if you promise to be loyal with them and not work with other realtors, they will work harder to find you a quality unit.
If you've got more time, and are looking for a deal, the best thing to do is troll Kijiji and Craigslist regularly for new listings (or websites that aggregate those sites, such as Padmapper). Good deals get snapped up fast, so PLEASE have checks ready, landlord references, financial reference material, co-signers, and anything else you think you may need to secure a unit. After looking at a few units you'll get a feel for what you want, and will be ready to jump on the right opportunity when it arises.