How to Rent an Apartment
Whether you are new to renting, new to the city, or new to the country, there is a lot to consider when it comes to renting your first apartment. The rental process can vary greatly by location, so it's important to ask the right questions when communicating with a leasing agent.
Follow along for a step-by-step guide to renting an apartment below.
1. Select your Budget
First, know how much money you can spend on rent each month. As a general guideline, your housing costs should be around 30% of your household’s before-tax income, which is the standard the Canadian Mortgage and Housing Corporation (CMHC) uses to classify affordability.
So, consider your monthly income and decide how much of your earnings you're willing to spend on housing. Remember to factor in additional costs, like utilities and parking, when setting your budget. This creates a benchmark for you to start looking.
2. Search for an Apartment
Now that you're ready to look for an apartment, start researching where you want to live.
Once you select a particular city, look into which neighbourhoods appeal to you most. You’ll want to consider what's nearby and walkable, if you're on a transit route or near major roads, how close it is to work or school, and what the noise levels are. Also, consider the type of property you'll be most comfortable in, and whether you’d prefer a townhome, a walk-up residence, or a larger building with an elevator.
Next, search for apartments on these popular sites:
By browsing these websites, you can see what types of apartments are available in your desired neighbourhood and within your budget. You can also fill in certain criteria that are important to you:
- Move-in date: When is it available?
- Rooms: How many bedrooms does it have? How many bathrooms?
- Appliances: Does it have a dishwasher? Or in-suite laundry?
- Parking: Is parking underground, covered or on the street? How many cars can it accommodate? Is there an extra charge?
- Utilities: Are they included? If so, which ones? How much do they generally cost?
- Pet policy: Are pets allowed? If so, is there an extra fee or deposit?
Note: Rental market scammers target unregulated websites such as Facebook Marketplace and Kijiji, so while these sites are great for shopping around, we suggest going straight to the source to book a showing and visiting property management sites like avenueliving.ca directly.
3. Book a Showing
Once you have identified your next venue for living, get in touch with the leasing agent to arrange a showing of the apartment. This is your chance to see it in person and decide if it’s right for you. We suggest surveying it thoroughly while checking for leaks, damage, missing appliances, and faulty locks.
Make sure to also tour the common areas, parking options, and any other facilities the property offers. This is also a great time to ask about nearby amenities and neighbourhood highlights.
Pro tip: Consider taking a walk or a quick drive around the neighbourhood to familiarize yourself with the area.
4. Start the Application Process
Once you've decided on an apartment, it’s time to start the application process. This typically involves filling out an application form with your personal information and providing documents that prove that you are able to afford the suite and will be a reliable resident. These documents may include:
Photo Identification
Most leasing agents will ask you to provide government-issued photo identification to confirm your identity.
Credit Report
Some leasing agents will run a credit report before offering you a lease. If you don't have a credit score or you’ve had some credit trouble in the past, your leasing agent may ask for a guarantor. This person will co-sign the lease with you and will be responsible for any missed or late payments.
References
References are a standard component of the application process. Whether these are character or professional checks, your new property owner wants to hear that you are respectful, responsible, and reliable before handing over the keys.
Employment Letter
Some property owners may ask to see a letter from your employer with salary details to ensure you have a stable income.
Proof of Income
Similarly, leasing agents may want you to provide proof of income in the form of pay stubs or tax documents to ensure you will have adequate finances to cover your lease agreement.
5. Sign the Lease
Once your paperwork is approved, you’re ready to sign a rental agreement. This is a contract between you and the property owner stating the terms and conditions of your lease, such as:
- Length of stay. Lease agreements are usually six or 12 months in length; however, they can also be month-to-month.
- Monthly cost. This is the pre-determined amount you agree to pay each month in exchange for living in the apartment.
- How and when rent will be collected. Some leasing agents collect 12 postdated cheques upfront so they can cash them on the first of each month, while others accept e-transfers or direct deposits from your bank account. Make sure to ask about your payment options before signing the lease.
- Damage deposit. Generally, you’ll need to pay a damage deposit before you move in. This amount is held over the duration of the lease and covers any damage to the suite during that time. If no damage occurred, or if repairing the damages costs less than your deposit, your leasing agent will return the remainder of your damage deposit after completing your move-out inspection.
- List of included services. The lease agreement will state whether your rent includes additional services, including heat, water, electricity, parking, and internet. Make sure you understand these details before you sign.
- Conditions. The lease will also include how and when the contract can be terminated, as well as policies on rent increases.
- Rules. The leasing agent will list any rules that must be followed during your time at the rental property. These could include limitations on large gatherings and excessive noise after a certain time. Make sure to read this section closely!
6. Conduct a Walkthrough
Finally, you’ll need to complete a walkthrough of the property when you take possession of your new home. The purpose of a walkthrough is to document the current condition of the apartment, so you and the leasing agent are both aware of its state.
You'll walk through the property together and note any damage you see before moving in. Be sure to take note of any holes or dents in the walls, scratches on the floor, chips in the countertops, and stains in the carpet.
This property should also be cleaned for you, ready for the leasing agent to hand over the keys and welcome you to your new residence.
Pro tip: Make sure to take photos of any damage before you move in to supplement the recording of potential issues in writing.
Ready to start looking? Head over to our home page and browse apartments and townhomes by your city and budget.
For more information on renting an apartment in Canada, please refer to the Government of Canada website.