Introduction to Renting
By Kyle Quilatan
Published on: September 20th, 2024
For second-year students moving out of residence buildings at school, and those opting against these residencies in their first year, renting off-campus housing is often the next step. The many costs that come with renting can be confusing for first-timers. However, after renting for a while, you will quickly get adjusted to it.
Continue reading to learn about the different fees associated with renting off-campus.
Rent
Rent payments make up the majority of a student’s housing expenses. The cost of rent can vary based on several factors including, building and room type, location and certain add-ons. For example, a room in a unit may be as low as $600 to $700 per month in Hamilton, but an apartment room closer to McMaster University can easily reach over $1,500 per month.
Schools like the University of Waterloo (UW) have websites to help students secure off-campus housing. The UW site posts listings of nearby rental units. It also offers mediation services to help with any problems between students and landlords, as well as off-campus advisors. Off-campus advisors are upper-year students who guide other students through their housing concerns.
Deposits
Landlords can ask students to make a few deposits before moving into their rooms. A rent deposit will hold the room for a tenant. In Ontario, a rent deposit cannot exceed the payment amount written in the rental agreement. For example, if a rental agreement states that a student will pay $800 per month, the rent deposit cannot be more than $800.
If the tenant does not move into the unit during the agreed time, they can lose their deposit. If they do move in contractually, the deposit will be returned to them unless they want the landlord to use it as their last month’s rent payment. The landlord cannot use the rent deposit for any other purpose.
Utilities
In some units, the rental fee also covers utilities like water, electricity and heating. Paying for utilities with rent can be convenient for many tenants, especially for first-time renters, because this way, they do not have to keep up with multiple payments.
However, having these two payments together also means you will not be in control of how much you pay for utilities. When paying for utilities on their own, you are typically only required to pay for the amount you use. If you use less water one month compared to the previous one, for example, your water bill will be lower. When your utilities are included in your rent, the payment remains the same no matter the amount used.
Some rent and utility arrangements put a cap on your utility usage. In this case, the utilities will most likely be paid in a lump sum with your rent deposit. For example, you might pay $400 for utilities for the first four months of living in the apartment. If you use more than this allotted amount, you must pay your landlord the difference.
Internet
Some monthly utility payments can also include the Internet, but others will not. The benefit of buying an Internet plan for your own unit is that it does not need to be shared with the rest of the building, which might be the case with some housing units that include Internet.
This also means an extra payment to keep up with. A reliable Internet plan can cost between $50 and $100 per month, depending on the provider and the desired speed. However, with companies like TekSavvy and VMedia, these prices can go as low as $30 to $40 per month. Some companies will also offer special discounts for students.
Parking
If you have a car, you can expect to pay $50 to $75 per month for parking in your building’s lot. A second parking space might cost an additional $25 to $30 per month. However, with some buildings, the cost of one parking space is already included in the monthly rent.
Keep in mind that the aforementioned expenses are only the upfront payments associated with a unit itself. When renting, consider other costs involving furnishings, repairs and food.