Your 2024 Guide to Renting For the First Time
3 min read.
Renting for the first time can be an exhilarating yet daunting experience. As you step into this new chapter, understanding the ins and outs of the rental market is crucial. Our guide is designed to ease your transition by offering practical advice, essential tips, and insight into the current rental landscape.
Before you begin looking a rental properties, neighbourhoods and amenities, it’s important to determine what you want out of your new home. How much space do you need, how many bedrooms and bathrooms, a garage, a backyard, etc. Once you’ve created your essential list of needs and wants it’ll be easier to find the right fit.
The first step is determining your budget. Rent can be a big expense but it’s important to remember there are also other costs associated with renting that can accumulate, on top of your other day-to-day expenses. Here are some of the costs associated with renting:
Monthly rent
Monthly renter’s insurance
Utilities cost per month
Internet
Cable/Steaming services
First & last month’s rent upfront payment
Key deposit
Parking
Another key decision when looking for a rental apartment or home is determining if you’ll be living alone or with a roommate(s). This can determine if you’re looking for a place that already has someone or if you and someone you know will be finding a place together. It’ll also be good to make note of the needs and wants of your roommate when searching for a place.
Finding the right neighbourhood can be time-consuming and challenging. It’s important to answer these questions when finding the right location.
Do you want to live in a major city or a smaller city? A larger city allows for more convenient public transportation, food options, parks, amenities, job availability, but often comes with high rental costs and reduced parking. A smaller city can provide larger area of living, cheaper rent, and more available parking spaces.
How close are you to work, public transportation, food, amenities and attractions? When looking at neighbourhoods it’s key to consider how important each of these are to where you’ll be living.
What do the comparable rentals look like in each neighbourhood? Are some rentals cheaper or more expensive? Do they offer more or less for the same cost?
Before you start visiting rental shows it’s good to have your personal information and documentation gathered and organized. Every landlord will request that you fill out a profile or formal application when applying. These applications often ask for the following information – current job, current rent amount, living situation, reference, do you have pets, do you own a car, number of people living together, etc.
Additionally, landlords can ask for additional information like a credit report to ensure you’d be a reliable renter.
Before you begin becoming a renter it’s important to understand your rights as a renter. The government of Ontario has a tenant’s rights section on the Ontario.ca website that provides all the information for understanding your rights as a tenant.
Before moving it’s best practice to sign up for renter’s insurance. Although It’s not mandatory in Ontario, most landlords have it as a requirement part of their lease agreement, this ensures you’re protected.
The final step is moving day! It’s an exciting and exhausting day of picking up your moving van or waiting for movers you hired or loading your friends and family's vehicles with your belongings to make the trip to your new destination.
Navigating the world of renting for the first time can be challenging, but with the right knowledge and preparation, it can be a fulfilling experience. By understanding the responsibilities and opportunities that come with renting we hope you’ll be better equipped to navigate what’s to come.
References
A first-time Renter’s Guide to Toronto: Tips and tricks. Canada Immigration and Visa Information. Canadian Immigration Services and Free Online Evaluation. (2023, September 26). https://www.immigration.ca/a-first-time-renters-guide-to-toronto-tips-and-tricks/
Apartments and homes for rent: Rent panda. Apartments and Homes for Rent | Rent Panda. (2022). https://www.rentpanda.ca/resources/tenant/blog/Your_2022_guide_to_renting_your_first_apartment
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