Whether you are coming from overseas to live in Canada, or you’re simply leaving the nest for the first time, it can be tough to navigate the waters of renting your first apartment. When you do, there are a few things you should know.
First of all, you need to understand that property managers are looking for more than just a “clean, quiet tenant” to occupy their rental spaces. Landlords are looking for someone who they can count on to take good care of the property, and most importantly they want someone who they believe will pay their rent on time.
For many first time tenants, it can be difficult to find a place to rent if you don’t have much credit history due to living at home or overseas. As a result, you might be required to get a co-signor or guarantor. One way you can establish credit is by obtaining a credit card start making your purchases on your card. By paying these companies in full for your purchases on the card, you will develop good credit which will look favourable to property managers. Another way that you can establish credit is if you own a car. Pay your insurance and car payments on time, every time. Having a consistent employment history is also an effective way to convince your potential property manager that you are reliable.
Lastly, bring a list of references. Employers, professionals and colleagues from volunteer organizations that you are associated with are good reference candidates. While there are no guarantees that landlords will rent to you, at least you will have a better chance of passing through their pre-screening process by showing them that you are a good prospect for them to take on.
Once you’ve been accepted as a tenant, make sure that you always pay your rent on time. Ask your property manager if they will accept electronic rent payments such as online bank payments or pre-authorized payments. Electronic rent payments are convenient to use, easy to deliver and completely secure. You can make rent payments at any time, from anywhere you can get access to the internet – or simply automate your payments via direct withdrawals from your personal chequing account.