Renting a New Home? The 5 Must-Do’s To Find That Perfect Rental Property

Moving is a hassle! From figuring out where you want to live, what you can afford, and then actually finding the right property, it is a feat many dread. It’s a mission filled with ups and downs that have broken up couples and turned best friends into enemies. That is why we have compiled our list of the 5 Must-Dos, so you can leave your troubles aside and truly look forward to your new home.

Scott Webb | Unsplash

1. Determine your Budget

Money is the reason for a lot of disagreements which is why it’s important to understand what you are willing to spend on a new rental – way ahead of actually committing to one. The rule of thumb is to spend no more than 30% of your gross income (before taxes) on your new home. Once this has been determined, consider your expenses, your distance from work, and use these numbers to help figure out the right neighborhood for you and the appropriate size apartment.

Katie Manning | Unsplash

2. Find the Right Neighborhood

Your neighborhood has a lot to do with the types of rentals available. For example, an industrial area tends to have more lofts and the downtown core tends to offer more 1 bedroom apartments. Many little things can drastically change as you move to different areas, things like the price of a cup of coffee, but when you drink it every morning – this is something to consider.

Denys Barabanov | Unsplash

3. Inspect The Units

When looking at different units you want to try out the appliances, turn on the faucets to check the water pressure, ensure the drains work, and that windows open and close. By doing your due diligence and inspecting your unit prior, any concerns can be addressed and everything can be clarified with the landlord ahead of time.

Gareth Hubbard | Unsplash

4. Meet the Neighbors

Are you looking for a place in the suburbs? Don’t be surprised when you are surrounded by families. Moving to the city? Chances are you’ll find fewer toys in the hallways. Who surrounds you will make a huge difference in the quality of living you’re expecting, and your neighbors, believe it or not, have some say in this.

Reno Laithienne | Unsplash

5. Take Out Insurance

Now that you know where you want to live, and have inspected your unit, it is time to take out an insurance policy and guarantee you are covered on all fronts. Landlords will normally take out their own insurance policy – but this only covers the actual rental unit itself. A renters insurance policy covers your personal belongings and ensures you are not held liable if someone hurts themselves in your place. Cover these bases to avoid future headaches and you may just be able to find that perfect rental property.

Scott Graham | Unsplash