5 Tips for Renting a Home

The time has come! You’re moving out of mom and dad’s house and renting your very own place. You’ve been dreaming of this day for years and now it’s finally here. The process of renting a home begins long before you sign your lease. Before you start looking at the many houses to rent in Toronto, here are a few things you need to consider.

  • Establish a budget. It’s important to understand just how much you can spend on rent each month. Reviewing your finances before you hit the rental market ensures that you don’t get in over your head. It can also help you to determine the type of rental you are looking for. As a rule of thumb, don’t spend more than one-third of your take-home salary on rent. This allows you to live within your means and not stretch yourself too thin. You’ll also need to factor in utilities and rental insurance into your budget when establishing how much you can afford for rent.
  • Save your pennies. When looking for a rental property, it’s important to have enough saved up to meet the landlord’s demands. Usually, landlords require a deposit and the first and last month’s rent, as well as an application fee before you can secure the property that you want. In the event that you have a pet, your landlord may also require an additional pet deposit. If you don’t have this money available, save up until you do. These fees are typically non-negotiable.
  • Make a list of must-haves and nice-to-haves. Everyone has a wish list of things they want their dream home to have. While these amenities may be nice, they aren’t necessary. Before you begin your home search, sit down and make two lists. The first list should contain all the things that your next place must have. This includes the number of bedrooms, bathrooms, and any other options that are necessary. The next list should include all the things that would be nice to have. Creating these separate lists makes it easier for you to prioritize your needs and make sacrifices when needed to stay within your designated budget.

  • Start your search online. Once you’ve established a designated price point and the things that you want in your next property, it’s time to start looking. Use online search engines and websites to view rentals that are in your desired city. Not only does this give you an idea of what’s available, but it allows you to compare prices and amenities.
  • Consider hiring a real estate agent. You may think that real estate agents are only used when purchasing a property. Not true! You can utilize an agent when looking for a rental property as well. These real estate gurus are excellent at tracking down the perfect rentals for their clients. Plus, they may even be able to negotiate your monthly rent with the landlord.

There are many homes for rent in Toronto, Ontario. Whether you are looking for an apartment, townhome, or single family home, there is plenty for you to choose from. By implementing these tips, you’ll be able to find your perfect place sooner rather than later.