To reduce your expenses, consider sharing the cost of rent, utilities and other expenses with one or more roommates. If the person you’re subletting to doesn’t pay the rent or causes damage to the rental unit, you’re responsible. You also need permission from your landlord. They have to pay rent and follow the requirements set out in your rental agreement. To sublet your rental unit, you need to find someone who will live there. If you need to move before your rental agreement expires, you may choose to sublet your rental unit. Learn more about lease and rental agreements. There can be exceptions in certain provinces or territories. If you don’t, the landlord may use the deposit to cover potential damages. The landlord will typically use your deposit to pay for the last month you live in your rental unit. When your agreement ends, leave the rental unit in the same condition as when you moved in. Document and take pictures of any visible damage. You should do the inspection with your landlord. This ensures that you won’t be held responsible for the damage that already exists. In some provinces, you have to do an inspection before you move in. Generally, the security deposit can’t be higher than the cost of one month’s rent. Your landlord may ask you to pay a security deposit before you rent a unit. If you have a guarantor, the landlord will have them sign an agreement that describes their responsibilities.įind out what your rental agreement or lease should include. If there’s a dispute later, the rental agreement helps to settle it. When you sign a rental agreement, you’re agreeing to respect those terms and rules.Ī written rental agreement is an official record of what you and the landlord agree to. The contract may also include other terms and rules. In return, the tenant commits to paying rent. The landlord grants the tenant the right to occupy a rental unit. What you should know about rental agreementsĪ rental agreement, or lease, is a contract between a landlord and a tenant. Use the Budget Planner to plan your budget. While you get ready to move, stay organized, stay on track and stay on budget. For example, if your gross pay is $4,000 a month, limit your housing costs to $1,400 a month. Your gross household income is all income you receive before taxes and deductions. In general, your rent and household-related expenses should not be higher than 35% of your gross household income. Spending too much on rent may make it difficult to cover your other expenses or save for the future. Learn more about credit reports and scores. The guarantor agrees to pay for you if you’re unable to pay your rent. A guarantor is usually a parent or guardian with a good credit history.
If you have no credit history, or have had credit trouble, a landlord may ask you for a guarantor. Some landlords may check your credit report to be sure you’ll pay the rent on time. Your credit report can affect your options when you decide to move out on your own. Use the Affordability Calculator to compare your options based on your financial situation. renting may be cheaper than buying a home.if something breaks, and you’re not responsible, a superintendent or landlord will usually replace or repair it.Other advantages of renting include the following: Learn more about maintenance and repairs in this guide from the Canada Mortgage and Housing Corporation (CMHC). utilities such as water if included in the rent.If you choose to rent, you should not have to pay for: Deciding whether to rent or buy a home depends on your needs and financial circumstances. Instead of renting, you may be considering buying a home. Knowing the costs of renting ahead of time will help you prepare a realistic budget. Wherever you live, your basic expenses will be more than just the cost of rent. You may want to rent an apartment a house or a room. Before you move out on your own, consider the costs.
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