MY MEDALLION
Renting your first apartment is an exciting milestone—but it can also feel a little overwhelming. Between budgeting, touring properties, and signing leases, there’s a lot to consider. Whether you’re moving out of your family home, graduating from university, or just ready for a new chapter, we’re here to help you step into apartment living with confidence!
1. Set a Realistic Budget
Before you start scrolling through listings, figure out what you can comfortably afford. A good rule of thumb is to spend no more than 30% of your monthly income on rent. Don’t forget to factor in utilities, internet, renters insurance, and even small extras like laundry or parking fees. Having a clear budget will help you narrow down your options and avoid unexpected surprises.
2. Make a Checklist of Must-Haves
Think about what’s essential for your lifestyle. Is being close to public transit a must? Do you need pet-friendly accommodation? Prioritising your needs (and separating them from your wants) will help you stay focused during your apartment search and prevent decision fatigue when you start touring units.
3. Understand Your Lease Agreement
Leases can be packed with legal language, but it’s crucial to understand what you’re signing. Pay attention to key details like the length of the lease, rules about subletting, maintenance responsibilities, and procedures for ending the agreement. If something isn’t clear, don’t hesitate to ask questions before committing.
4. Inspect Before You Move In
When you tour or do a walk-through of a rental, look closely for signs of damage, test appliances, and make sure everything is in good working order. It’s smart to document the condition with photos or a checklist—this way, you’re protected when it’s time to move out and get your security deposit back.
Renting your first apartment is a big step, but with a little preparation and know-how, you’ll be ready to find a space that feels like home. At Medallion Corporation, we offer a wide range of rental communities across Ontario, perfect for first-time renters looking for modern living, great amenities, and unbeatable locations.
Ready to find your first apartment?
Check out Medallion’s Apartment Finder here and start your rental journey with Medallion today!
