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Planning to move into your first rental apartment this fall? Congratulations! Moving out on your own is a big life change and we want you to feel prepared for it. Use this checklist as your guide to help you make a smooth transition into a new home.

Prepare your finances

If you are still searching for a rental to call your own, it's critical to get your finances in order before you search for a vacancy and apply for tenancy.

Build a budget

Understanding your financial situation is crucial. Start by creating a realistic budget that factors in essential expenses (food, transportation, phone, utilities) and leaves room for rent. A common guideline is to allocate no more than 30% of your gross income to rent. However, depending on your location and living costs, this ratio might need to be adjusted.

Stack your savings

It's always a good idea to have emergency savings which can cover unexpected costs like repairs or hidden move-in fees. Aim to save at least 2-3 months' rent for emergencies to be prepared.

Check your credit check

Landlords perform credit checks to assess your financial situation. Check that your credit report is free of errors and work to improve your credit score if necessary. You can obtain a free credit report from Equifax or TransUnion, two major credit reporting agencies in Canada.

Find your perfect place

Half the fun of moving is finding your rental! Here are our best tips for finding the most ideal option for you. 

Do your research

Familiarize yourself with local rental markets in your preferred areas. Research average rental prices and amenities offered to narrow down your search and avoid overpaying. Consider using online rent research tools to get a clear picture of rental trends.

Check listing platforms

Online platforms like Kijiji, Craigslist, and ViewIt can help you find listings in your desired areas. Filter your search by the type of property (apartment, condo, house) and features (laundry facilities, parking, balcony) you want. Pay attention to the listing details and photos to get a sense of the space and amenities offered.

Book viewings

Seeing is believing! Schedule viewings for all vacancies of interest. Be prepared to ask questions about the unit, building rules, pet policies, and utilities. Find out more about the neighbourhood and any upcoming construction projects that might impact your quality of life while living there. It never hurts to bring a friend along with you for a second set of eyes!

Examine the lease agreement

A lease is a serious agreement that you should enter into with care.

Read carefully

The lease agreement outlines the terms and conditions of your tenancy. Carefully read every clause in the lease before signing. Don't hesitate to ask your landlord for clarification on anything in the agreement that seems vague or confusing. If you can, ask a parent or a trusted friend who has rental experience to review the lease with you for greater peace of mind. 

Digest the key points

Pay close attention to the rental amount, due date, payment method, late fees, permitted alterations (painting, installing shelves), and termination clauses. Be sure you understand the process for giving notice if you decide to move out early.

Secure your rental

If a landlord wants to rent you a unit, you'll need to provide some things to secure it.

Proof of income

Landlords require proof of income. You should prepare to share your pay stubs or employment letters.

References 

If this is your first time renting, it will be impossible to provide letters of reference from previous landlords. Instead, you can gather personal references from individuals with knowledge of your financial responsibility such as employers.

Deposit

Be prepared to pay the first and last month's rent at the start of your lease. Start saving up now to ensure you have enough cash available to you to secure your rental.

Utilities and Insurance

Oftentimes your rent will include utilities, but this is not always the case. They can be very expensive, so it's critical to understand how much they'll cost before signing a lease agreement.

Get the details on utilities

Ask your potential landlord about which utilities are included in your rent and which you'll be responsible for setting up (hydro, heat, internet). Factor in the cost of all utilities into your overall budget when selecting a rental option.

Purchase tenant insurance

Tenant insurance will protect your belongings against theft, fire, or water damage. It is usually affordable and can provide a lot of peace of mind.

Moving and settling in

Moving, switching to a new address and unpacking is a big part of your first rental. Here's how to ensure a smooth move.

Schedule movers

If you need professional help moving in, research and book reliable movers well in advance, especially during peak moving seasons (spring, summer and fall months). Request a quote from multiple moving companies, read their reviews and compare their services and rates before making a decision.

It's also important to schedule your move-in day with your landlord in advance in order to reserve things like parking spaces and elevators -- and to get the keys.

Do a final walkthrough 

Conduct a final walkthrough with your landlord before move-in day, documenting any pre-existing damages with photos or a video recording. This will help avoid any misunderstandings or disputes when you move out that could eat into your security deposit. 

Change your address records

If you have your own bank accounts or receive things in the mail by subscription, you need to let the provider know you're moving. Be sure to notify any institutions (bank, credit card companies, government services etc.) about your new address. This can usually be done online or by phone.

Strive for a good relationship

Build a positive rapport with your landlord by communicating openly and addressing any concerns promptly. This can make your tenancy smoother and more enjoyable.

Enjoy your new home 

Once settled, take time to personalize your space and enjoy your new home! Decorate your space to reflect your style and unpack your belongings as quickly as possible to avoid living out of moving boxes indefinitely.

Looking for your first apartment to call home? Panoramic Properties would love to welcome you home. Please visit our website to browse our available apartments.