If there’s a dispute later, the rental agreement helps to settle it. When you sign a rental agreement, you’re agreeing to respect those terms and rules.Ī written rental agreement is an official record of what you and the landlord agree to. The contract may also include other terms and rules. In return, the tenant commits to paying rent. The landlord grants the tenant the right to occupy a rental unit. What you should know about rental agreementsĪ rental agreement, or lease, is a contract between a landlord and a tenant. Use the Budget Planner to plan your budget. While you get ready to move, stay organized, stay on track and stay on budget. For example, if your gross pay is $4,000 a month, limit your housing costs to $1,400 a month. Your gross household income is all income you receive before taxes and deductions. In general, your rent and household-related expenses should not be higher than 35% of your gross household income. Spending too much on rent may make it difficult to cover your other expenses or save for the future. Learn more about credit reports and scores. The guarantor agrees to pay for you if you’re unable to pay your rent. A guarantor is usually a parent or guardian with a good credit history. If you have no credit history, or have had credit trouble, a landlord may ask you for a guarantor. Some landlords may check your credit report to be sure you’ll pay the rent on time. Your credit report can affect your options when you decide to move out on your own. Use the Affordability Calculator to compare your options based on your financial situation. renting may be cheaper than buying a home.if something breaks, and you’re not responsible, a superintendent or landlord will usually replace or repair it.Other advantages of renting include the following: Learn more about maintenance and repairs in this guide from the Canada Mortgage and Housing Corporation (CMHC). utilities such as water if included in the rent.If you choose to rent, you should not have to pay for: Deciding whether to rent or buy a home depends on your needs and financial circumstances. Instead of renting, you may be considering buying a home. Knowing the costs of renting ahead of time will help you prepare a realistic budget. Wherever you live, your basic expenses will be more than just the cost of rent. You may want to rent an apartment a house or a room. Before you move out on your own, consider the costs.
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