Renting can be an exciting yet overwhelming experience. Whether you’re a first-time renter or moving into your fifth rental property, there’s a lot to think about. From finding the right place to keeping your landlord happy, here’s a friendly guide filled with tips that can make your renting experience smooth and stress-free.
Do Your Homework Before You Rent
We know the real estate market is crazy. If you fall in love with a property, you may want to sign the lease before another renter beats you to it. But, before signing anything, research the location and the neighbourhood. Consider:
- Is the area safe?
- Are there grocery stores, public transport, and other essentials nearby?
- If you own a car: how’s the parking?
- What are the rent prices in the area? Are they reasonable compared to the place you’re considering? If not, is your landlord willing to negotiate?
- If you’re moving into an apartment complex or gated community, are there any rules you’ll have to follow?
If you know anyone who lives in the area, ask about their experiences. Sometimes, personal anecdotes can completely change your opinion of a place. Research may be time-consuming, but it can save you from moving into a home and being bombarded with unexpected issues.
Understand the Lease
The lease is a legal agreement between you and your landlord, so make sure you know what you’re signing! Read it thoroughly—yes, even the fine print. If you’re unsure about anything, ask for clarification. Here are some common things to look out for:
- Rent payment: When is rent due, and is there a grace period?
- Security deposit: How much is it, and under what conditions will you get it back?
- Maintenance: Who’s responsible for repairs?
- Rules on pets, guests, and (if relevant) running a business out of the property: A healthy landlord-tenant relationship is super important and you don’t want to damage that by accidentally breaking their rules.
- Leasing changes: What are the rules for renewing or breaking the lease?
Ensure that you keep a copy of the lease agreement; if possible, scan and save a soft copy as well so that that your document is extra safe.
Communicate with Your Landlord
You want to cultivate a positive relationship with your landlord; landlord-tenant interactions can become sticky if there’s no mutual goodwill. Always communicate openly and respectfully, using clear and concise language. You’ll want to respond to their communications in a timely manner too.
If something must be repaired, don’t hesitate to inform them right away. Keeping your landlord in the loop helps resolve problems faster, minimizes your own inconvenience, and shows that you’re a responsible tenant.
Document Everything
Pro-tip: Document any issues you notice when you move in. Take photos or videos of existing damages, like scratches on the floor, chipped paint, or leaky sinks. This can help prevent any disputes when it’s time to move out and ensures you get your security deposit back. Some landlords or real estate agents may provide you with a move-in checklist; if they don’t, consider creating your own.
You’ll also want to document your communications with the landlord. Save emails and texts. If you and the landlord come to an oral agreement about something, such as renewing the lease, make sure that you get it in writing as well. You can even print communications and keep them in a folder labelled “Renting”. Having careful records may come in handy in the future!
Property Insurance Is a Lifesaver 
Your landlord will probably be responsible for insuring the property. They’ll have householder insurance; that is, insurance covering the building itself, gates, fences, and swimming pool if there is one. However, this insurance does not insure your possessions.
You need householder’s insurance, which provides coverage for the contents of the property; that is electronics, furniture, appliances, artwork, jewellery, and other valuable items. For a relatively small monthly cost, you can save a ton of money if something happens to your stuff, like theft, fire, or water damage. Plus, householder’s insurance is worth considering just for the peace of mind.
Budget for More Than Just Rent
Renting comes with extra costs that can catch you by surprise if you’re not prepared. Besides rent, there may be other household bills (e.g. electricity and phone) and sometimes additional fees if you’re living in an apartment complex or gated community. Make sure you budget for these extras so you’re not scrambling at the end of the month.
And, if renting isn’t your end game, start a savings plan so that one day you can own your own home. Research what you need in order to qualify for a mortgage and start an action plan to realise your dream. If you have a bulletproof budget that includes a savings plan, then one day you too can be a homeowner.
Your home should be a place of peace and comfort. Hopefully our Renters Guide will help you to have a more seamless renting experience, allowing you to come home at the end of the day, kick your feet up and just exhale.
