Canadian Finance Blog

Posted: 27 Apr 2011 02:00 AM PDT

Finding a new rental apartment to live is always stressful. There’s always the emotional aspect of leaving a place that you are safe and comfortable in, and moving to a brand new one. The change brought on by suddenly living in a differing locale can be disconcerting and draining. There’s also the financial hit that you take when you start adding up moving costs, like rentals, safety deposits, and perhaps even paying an extra month’s rent.

Apartment For Rent

Get a Feel For the Market

If you have the opportunity to know that you will be moving in advance, take advantage by getting a feel for the market. Perhaps it has been awhile since you have checked out the average cost of rental suites, and perhaps the going rate for certain amenities has changed. Browse through your local newspaper or craigslist, call a few places that you might be interested in, and perhaps a few that are out of your price range or ideal location. See what you can get for what price, and keep notes on the places that you are going to. While there are bound to be a number of landlords asking for a lot more money than their place is worth, you can get an idea of what you can get within your price range by visiting a number of places before you actually have to make a decision.

Make a List

The next thing that you ought to do before you start seriously considering rental suites is making a list of needs and wants. Needs are absolute must haves – things that the place you rent has to have in order for you to consider living there. This could be anything from number of bedrooms (if you have children, etc), whether or not it has access to a dishwasher or laundry, size of the suite, or anything else that you feel is critically important to you living there. Doing this ahead of time will help keep you in check when you find that absolutely beautiful modern wonderfully located apartment – that just so happens to be 350 square feet. You and your three children may not enjoy it as much once you move in.

View Rentals, Keep Notes

If possible, start looking for your new place as early as possible. If you have the choice of moving whenever you would like, you have the benefit of being able to say no to a lot more places than someone who has to move within 3 days. So start looking at soon as you possibly can, at least six weeks if you are able. After you view a place, write down notes about the size of the suite, the number of bedrooms, the rental cost, and the contact information. All of this will add to the list that you hopefully already made giving you a good idea of what is a “good deal” in your particular location.

Make a Renter’s Resume

In certain markets, you have to distinguish yourself from other applicants, just like when you are applying for a job. So set yourself apart by creating a renter’s resume. List your previous dwellings and landlords, as this is information that will probably be asked of your anyways. Also include what you’re looking for (long-term, short-term), as well as your current job, or other income. Add whether or not you smoke or have pets. Being able to simply hand the owner a sheet of paper with all this information is a lot easier than hoping that they remember when you call and ask for a place.

Wait For a Deal

Every landlord is different. Some are just hoping to make the most money possible, so they don’t care who they rent it to as long as they are able to pay the money every month. Others are not at all concerned about whether or not they are making the most money, as long as their tenants fit with them and their lifestyle. If you are the type of person that is considered a good tenant, it might be worth holding out and looking for a place that values quiet, long-term tenants over maximal money. Our current landlords intentionally kept the price of their suite low so they could pick whoever they felt would fit the best. If you have the option of waiting to find the right fit for both you and the landlord, you can bet that you will end up getting your money’s worth.

How to Find the Best Rental Apartment originally appeared on Canadian Finance Blog on April 27, 2011.