Only 10% of Canadian adults expect to buy their first house in the next five years. However, many of the other 90% will soon step into their first apartment. If you clicked on this article, you’re likely one of them.
If so, you need some advice on renting an apartment. Read on to learn everything you need to know before renting in Canada.
Documents You’ll Need
Before filling out a rental application, you’ll need certain documents. Here is a list of everything you need:
- Personal information
- Employee information
- Income information
- Personal references
- Credit score
- Bank statements
- Rental history
Content of the Lease
If your application succeeds, you’ll get a lease agreement. This is like a contract.
It will list everything you need to know about renting your apartment, including:
- A list of all residents
- Duration of the lease
- Rules of the apartment
- What the rent pays for
- How rent is paid
- Insurance information
- Payment due upon lease
Dealing With Bad Credit
Landlords may check your credit score. If you have bad credit, they may refuse to accept your application.
However, there are ways to get around issues with bad credit, including:
- Find no credit check rentals
- Improve your renter candidacy
- Search with online platforms
- Get a real estate agent’s help
- Get a co-signer
- Offer advanced payments
Avoid Canada Rent Scams
Rent scams run rampant in Canada. As a result, you may pay to reserve a rental and have your money stolen.
Luckily, you can identify rent scam artists in several ways, including:
- They want money before the lease is signed
- Their offer seems too good to be true
- Their paperwork has poor grammar
- They refuse to let you tour the property
- They don’t schedule in-person meetings
Canada Eviction Laws
Eviction is usually a last resort for landlords. However, there are laws in place that protect their right to evict you.
Landlords can legally evict you for a few reasons, including:
- Contract breach
- Unpaid rent
- Personal use
- Selling the property
- Renovations
- Eviction for cause
Renting an Apartment to Own
Do you want to own your apartment eventually? If so, you can go for a rent-to-own agreement. With this, you can buy an apartment at the end of a lease.
This rent process also exists with houses (look here for more information). It has many benefits.
Here are Some of them:
- Locking in the price
- Rent goes toward the down payment
- “Test drive” the apartment
- Don’t have to move again
- You don’t have to purchase the apartment
Learn More About Real Estate
Renting an apartment requires a lot at first. However, soon the work will die down. Then you can enjoy living in your first rental apartment.
Do you need more real estate advice? We’ve got plenty of articles for that!
You can also find articles about home renovation, decorations, business, and entertainment. There’s enough to keep you entertained for a long time!
