You may think you're saving yourself a pack of trouble by looking at condos for rent in Toronto instead of purchasing one outright, but rental properties come with their own snags too. If you're thinking of renting a property, you should familiarize yourself with the tips and tricks savvy renters use to make sure they get the better end of the bargain. For those of you who are just coming onto the rental scene, we've laid out some of our favorite tips for you here.

Monthly vs Yearly

There are two ways that landlords rent out their properties - on yearly contracts or on monthly contracts. Monthly contracts give you more flexibility if you decide a few months in that the suburbs aren't for you and you'd rather rent a condo in downtown Toronto, but most landlords prefer yearly contracts because it's less hassle. You will find more nicer properties on yearly contracts than monthly, but if you want to duck out you'll have to find your own subletter to take over your contract.

Renewal Terms

Before you sign anything, make sure you know what will happen when it comes time for your contract to be renewed. Is your landlord allowed to raise the rent on your homes in Etobicoke when it comes up for renewal? If so, by how much? How far in advance will you have to notify him or her if you are not going to be renewing your contract? These factors can take you by surprise when renewals come around, so know your stuff before hand. It should all be in your rental agreement.

Your Responsibilities

When you own your own Waterloo real estate, you're responsible for everything, but with a rental, situations are always different. You don't want to wake up on the morning after the first big snowfall to discover you're expected to shovel your own driveway, so make sure you work these things out with the landlord when you're signing the contract. Other things you should find out about include repairs, painting, trash removal, lawn mowing, and building maintenance or condo association fees. If something you want is not offered, you can always negotiate.

Neighbors and Neighborhood

Don't just check out the unit before you move in, also check out the rest of the building and the surrounding neighborhood. Is it full of shops that cater to event rentals in Hamilton or other apartment buildings? Who lives there? Is it safe to walk at night? How far is it to amenities like the bus stop, the grocery store, and the mall? Is there parking? What are the city's plans for this area in the next few years? The landlord should be able to give you an idea.