5 Tips For the First Time Renter

By: Olivia Moore

- 3 minute read -

Rent. If this is a new word that you are adding into your vocabulary, have no fear. We are here to put you at ease and make a list for you of the top five things to know before renting, so you don’t have to!

Budget for Upfront Costs

Set yourself up for a successful tenancy and be proactive with your finances – we recommend saving two to three months worth of rent if possible. When saving take into consideration: the security deposit, first months rent, a non-refundable pet fee (if you have a furry friend), and parking (if you have a vehicle).

Location

Tree-lined streets and tons of green space. A high-rise tower with glistening views of the river valley. Walking distance to your child’s school and after school care? One of the perks of renting, is that you get to choose which amenities speak to you the loudest and which area resonates best with your personality or financial situation. When you are deciding on the location of the place that you would like to live, take into consider proximity to public transportation or main arteries in the city. The length of your commute is key.

Lease

Reading a lease can seem like a daunting task, but it doesn’t have to be. Take your time and read the lease thoroughly and if you come across any terms that you are unsure of, ask. We encourage asking lots of questions and ensuring that you fully understand your lease before you sign it, because it is a legally binding document. Keep your lease in a safe place, and we recommend keeping a digital and paper copy for your reference.

This or That?

Let’s be real. What do you actually need versus what you really want in your home/building? If the unit you love is in a three story walk up, but you initially were looking for a building with an elevator, can you reframe the extra steps as a health benefit? Releasing the expectations of seeking perfection will help you in the long run, and make your overall experience much more enjoyable and realistic.

Move-in Plan

Food for thought before you move in:

□ Confirm your move in date and write it down!

□ Have utilites, tenant insurance  and internet  set up before your move-in date. Many property management companies require proof of utilities and tenant insurance before you take possession of your new digs.

□ Be on time for your scheduled move-in date. Being on time helps to make sure the process is a smooth transition.

□ Pack efficiently and label any boxes or bags to save yourself from having to guess what’s inside when you’re unpacking (because that’s no fun for anyone).

□ Review your welcome package as it is packed with goodies like coupons to local businesses in your new neighbourhood.

It’s O.K. to feel overwhelmed as a first-time renter! Doing your due diligence, working within your budget, and asking lots of questions is the recipe for a great tenancy!

If you’re a first-time renter and are interested in one of our properties, we encourage you to reach out and ask one of our knowledgeable property managers any questions you may have.