7 Things to Consider When Renting Accommodation
Posted in Money Matters
Whether you are a first-time renter or an experienced tenant, finding the right place takes effort and time. These seven things will help you prepare to look for rental accommodations.
Identify Your Needs
The basic monthly rent is an obvious cost, but many less-visible costs add up as well. Don’t forget to consider the following:
- Are utilities, such as heat, electricity, water, cable television and Internet connection included? If not, these costs may come as an unwelcome surprise. Find out which utility companies provide services to that building and contact each company to see if it can provide an average monthly cost for the rental location. The exact usage will vary from tenant to tenant and costs fluctuate, but these estimates will give you a good idea of what to expect as monthly fees.
- Don’t forget to estimate the cost of extras such as laundry and parking, where these have not been included.
- What about transportation costs? Will your monthly travel costs increase, decrease or remain about the same at this new location?
- You may need to provide your own appliances. If you have to purchase or rent these, include them into the total cost of renting.
- Is any form of provincial/territorial rent control in place? If not, what are the landlord’s plans for future rent increases?
- Are there enough bedrooms?
Where to Look
Once you have identified what you’re looking for, you’re ready to start searching. You can use many ways to find a place to rent, but some may not be obvious to the inexperienced searcher. The following lists outline general and online sources that can help you find an ideal rental.
General Sources:
- Newspapers servicing your search area, including free ethnic papers and community papers.
- Free publications, often found in local retail stores, that publish rental accommodation ads.
- Check bulletin board postings at libraries, community centres, grocery stores, laundry mats and places of worship.
- Word of mouth.
- For students, campus housing offices.
- Check with local real estate offices found in the Yellow Pages.
- Visiting neighbourhoods: For Rent/For Lease signs might catch your eye; when you spot a vacancy sign at an apartment building, drop in and talk to the superintendent or the property manager.
- Some community organizations offer housing assistance and settlement services.
- Internet mail lists.
- Electronic bulletin board postings.
- Specialized Canadian apartment listing Web sites.
- Web sites of ethnic and community newspapers (classifieds section).
- Web sites of daily newspapers.
- Regional Web sites.
Questions You Should Ask Prospective Landlords:
When looking at a prospective rental, ask the following questions:
Are utilities included? If not, what types are used (e.g. natural gas, oil, or electric heating) or permitted? What are the average monthly costs? If you are sharing the utilities with another party, what are your responsibilities? Is cable television service included or available for an additional cost?
What type of lease is required? What are the main conditions of the lease? Carefully examine the terms, conditions and duration of the lease before signing anything. Some leases may contain unexpected requirements. You may wish to consult a lawyer before signing, especially if you do not understand everything in the lease.
Can you make changes to the premises? Can you paint or make other decorative changes? What restrictions are in the lease?
Why are the current tenant(s) leaving? It helps to ask neighbouring tenants this question as well.
If relevant, are pets or smoking allowed? If you have pets, find out if any restrictions prohibit certain types of pets. If you’ve had pets, are you required to have the rental professionally cleaned at the end of the lease?
What is the neighbourhood like? If applicable, what are the other tenants like?
What makes your property unique? Are any special features available in the rental?
Who maintains the property? Lawn and garden maintenance may be the responsibility of the landlord or tenant, or both. How are minor and major repairs to the rental handled?
Where can you park? Is parking an additional cost? How about additional vehicles? Is adequate space provided for guest parking?
What about additional storage? Are there storage lockers included in the rent? How secure are they? Is there separate bicycle storage?
What security systems are in place? What kinds of locks are used, and have they been changed recently? If renting a high-rise apartment, what areas of the building require keys to access?
Other questions. This list offers a beginning. Consider what you need from a rental and add questions that pertain to your specific situation. Other points to consider may include:
- Policies on overnight guests or long-term visitors.
- Vehicle maintenance and repairs on rental property, if applicable.
- Installation of additional utility cabling, telephone and television jacks, or compact satellite dishes.
- The availability of broadband or high-speed Internet services in the area or building.
The Credit Check
Can you afford the rent? Will you pay on time? Proof that you are a good credit risk is one of the key factors in a landlord’s decision to rent to you. The credit check is a tool that most landlords will use to assess your credit worthiness. (We’ll look at credit checks in more detail next week.)
Renting in Spite of Bad Credit
You may have had financial troubles, but bad credit doesn’t have to keep you from finding rental accommodations.
The best way to establish good credit and repair bad credit is to pay off debts and get a receipt or a letter from the landlord to confirm your rent payments. When applying for accommodations, bring this confirmation as proof. Being honest and up front with prospective landlords could make them favour your rental application, regardless of past credit difficulties. Knowing that you pay your rent on time is becoming more important to landlords than credit in other areas. Use a recent landlord as personal reference, if required.
Make a good impression when meeting a landlord
When visiting a property, come prepared with:
- A pen and a copy of the Rental Unit Evaluation Worksheet (PDF).
- A cheque to leave a deposit.
- Your rental history and appropriate references from current and previous landlords.
- Credit references (and be ready to approve a credit check).
- Guarantor information (if applicable).
- A letter from your current employer stating your annual salary and length of employment or a recent pay stub and contact information.
- Your list of questions.
- Information about your pets, if applicable.
Making a first impression:
- Know the name and direct telephone number of the person you will be meeting.
- Go to your interview alone unless you are renting with a spouse or roommate.
- Dress neatly and arrive on time.
- Respect the current tenant’s privacy if the apartment is occupied.
- Review your credit report before the landlord does.
- You never know when you might meet a potential landlord. As you tour neighbourhoods and buildings, be prepared for spontaneous meetings.
- When viewing a rental unit, take your shoes off at the door.
Shared Accommodation
Sharing accommodation may make your shelter cost more affordable; however, it can pose many problems. People in shared living space must communicate about how they expect to live together. Set out guidelines in advance to avoid any problems that might occur. Talk about responsibilities for household chores, personal property, keys and privacy. Discuss who will take care of paying the rent, phone bills, utilities and other shared expenses.
With material from CMHC
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