MY MEDALLION
The time has come to move out and find a place to call your own! Renting a new place is exciting and is the perfect way for you to create your dream home, without entering the housing market. To be sure that you make the right choice, follow some of these suggestions for finding the right rental home to suit your lifestyle.
Choose the Right Location
When choosing a rental home, the location is an important factor to consider. If you don’t have access to a vehicle, you will want to be near transit. You will also want to figure out where the closest amenities are, so you can simplify tasks like grocery shopping. Also, consider your social life! If you are the type of person who enjoys a Friday night out with friends, make sure you choose a location that is simple to get downtown. Overall, the location of a rental will help you make a decision, based on your lifestyle.
Consider the Commute
One of the most significant factors to consider when choosing your rental home is the daily commute that you will have to make every day to work or school. If you choose a rental home that is far from work, familiarize yourself with the local transit stops and calculate how long it takes to get where you need to go. Taking the daily commute into consideration when selecting your rental will save you a lot of frustration in the future, and it will make your work or school days much easier!
Don’t Forget Your Budget
When selecting a rental home for yourself, you need to consider your monthly budget, and what you can afford to pay in rent. Although a luxury condo may sound enticing it may be a financial stretch for you in the long run, so make sure that you calculate what you can afford before selecting a place to live. Taking this important step will save you from the disappointment of realizing you can’t afford a place you had your heart set on.
Decide On Your Space Requirements
When selecting your rental, the square footage requirements can be an important factor to consider. Ask yourself whether you need storage space, or if you would like a balcony to grow plants. Also, consider how many people will be living in the rental. The amount of space required for one person is different than what would be required for 4, so don’t forget to consider this when selecting your rental home!
Consider Your Lifestyle
Your lifestyle is an important factor to consider when selecting a new rental home for yourself. Are you a young person without a lot of commitments who wants to take in as much of the local bar and arts scene as possible? Consider the walkability of your neighbourhood and seek out areas that have a high density of restaurants and venues. You can check the walk score of potential neighbourhoods on sites such as Walkscore.com. On the other hand, if you have a family, you may be looking for more space, good schools, proximity to highways, family friendly amenities and greenspace nearby. Take a quick look on Google Earth to get a sense of parks that are near your potential home. A quick online search can also inform you of the quality of schools in the area. Overall, families will often gravitate to rentals in the suburbs, with amenities like schools and more space, and younger people frequently prefer cities with nightlife and higher walkability. Ask yourself which category you fall into before choosing which rental home is for you!
Choosing the right rental home to suit your lifestyle is as simple as taking your budget, daily routine, and preferences into consideration. Once you have identified these factors, you will be ready to find the rental home of your dreams! For more information on how to find a rental home that best suits your lifestyle, visit the Medallion Blog.
