The Costs Associated With Renting In Toronto
3 expenses to keep in mind prior to moving in.
2 min read
Renting has become a top choice amongst many Torontonians, as it offers flexibility and convenience for both short-term and long-term renters. Like any property, there are also costs associated with renting in Toronto that you need to keep in mind before moving in. This will help make your tenancy as smooth as possible, with no surprises along the way.
We’re sharing three costs that renters, like you, should always keep at the top of mind to maintain a realistic budget.
Moving Expenses
Let’s start right at the beginning- moving. More often than not, it is common to overlook moving costs when creating a budgeting plan, some of which may include a truck rental, movers, moving boxes and other supplies. Keeping track of all upfront expenses will help make a move as seamless as possible.
Utilities
Depending on your rental agreement, utilities may or may not be included in your tenancy. If not, make sure to contact the utility company to transfer these payments into your name. This can have anything from cable, internet or telephone services. Always confirm with your landlord what is and is not included to avoid unexpected costs.
Tenant Insurance
Securing tenant insurance will most likely be a mandatory requirement by your landlord to become a tenant. Tenant insurance covers but is not limited to damages and losses of personal property, liability claims, and other emergency living expenses. Give yourself peace of mind- invest in tenant insurance.
Whether you are a first-time renter or a seasoned pro, being aware of renting costs is vital and will provide a smooth tenancy experience. Cover all your bases by establishing a realistic budget, and the rest will come quickly.
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