If you’re trying to figure out a plan to search for your next lease, feeling apprehensive or even stressed is normal. The good news is there’s a sweet spot for a smooth transition that gives you enough time to look before your current lease ends. Don’t worry. We take the guesswork out of your lease search with our tips, strategies, and the best timing for your next move.

Timeline

One of the most common questions we are asked in a lease search is, “When can we start looking?” Whether you’re working with ample time or need to move quickly, it’s important to be aware of when properties start to become available based off your ideal move-in date. Most places become available to rent a month to two months before your move-in date. While that can feel like a tight timeline, especially if you need to give your existing landlord 60 days’ notice, it’s the sweet spot for when we start to see the bulk of your options pop up.

Budget

Having a budget ready will help narrow down your search so that you’re focused on looking at practical options. It’s commonly recommended that you spend no more than 30% of your income on housing costs. Remember, that includes things like tenant insurance and utilities. If you’re looking at the top of your budget and utilities aren’t included, ask yourself if that is going to be manageable each month.  

Consider the Amenities You Want

Prepare a list of your needs and wants to further narrow down your search. Here are a few things to consider:

·     How many bedrooms and bathrooms do you need?

·     Do you need a den or office space?

·     Would you like an outdoor space? A balcony?

·     How many parking spots do you need?

·     Do you need to be close to public transit?

·     Would you prefer ensuite laundry?

Location

A good starting point is to have an idea of the neighbourhood or boundaries that you prefer. Some people know the exact building or street they would like to move to, but most often you’ll be looking in a wider area to give yourself more options. Look at a map and pick a set of major roads as boundaries for your search area to make sure you’re looking at an area that makes sense for you.

Documents to Have Ready

There are a few documents that you will need to have ready when offering to rent.Having these ahead of time can help you act quickly when you find a place you like. 

Rental Application: This is required for all offers. We will send you a copy with detailed instructions ahead of your search so that you can fill it out.

Credit Report: You’ll need to have a full credit report available for yourself and any guarantors on the lease. You can order your report from TransUnion or Equifax online.

Employment Letter: Getting an employment letter ahead of time is a good idea so that you’re not stressing about getting it from your employer when you find a place you like. You’ll need an employment letter for yourself and any guarantors on the lease.

I hope this has given you some guidance on what to expect during the lease search process. Having even a few of the things from our list ready to go can make it less stressful, and help you feel prepared.  If you are looking for your next place or have just questions on where to begin, we are always happy to help.