Home Sweet Home: Off-Campus Living

Rooms for rent. Houses for rent. Bachelor apartments. One-bedrooms and four-bedrooms. Then there are leases, landlords and rent cheques ... Ah, the life of a student away from home.

Thinking about moving out of rez or your parents' home? There's a lot to learn about living off-campus.

Have a plan

You might be a master of procrastination and still manage to ace those midterms, but no amount of cramming or genius is going to guarantee you a great place to live. Plan ahead.

People have been known to score awesome apartments at the last minute, but you are more likely to end up paying a lot of money for something just this side of condemned.

Also think about who you want to live with. Do you want roommates? If you do, how many?

Shop around

Once you've identified your roommates, establish your search criteria:

Rent - What's the maximum amount you're each willing to pay?
Type of place - Do you want a high-rise apartment or a house? Hardwood or carpet? Basement or main floor?
Location - Are you willing to commute for a reduction in rent? Or do you want to be able to roll out of bed five minutes before class no matter what the cost?
Laundry - Do you want on-site facilities or can you deal with the laundromat?

After you know what you want, it's time to check out rental listings. Try your school's student services/housing website. You can usually sort by rent, number of rooms or location.

Buy a paper and scan the classifieds. Take a stroll through the neighbourhood(s) where you would like to live - "For Rent" signs appear everywhere in student areas from May to September and you'll get a better handle on what's out there.

Inspection time

If you start early enough, you shouldn't have to settle for something that doesn't meet your standards.

Be realistic. You probably can't afford a palace but you can land a clean, dry, warm place to live - and then some. Here are a few things to consider when looking at a place for the first time:

Do the appliances work? Are they included in your lease?
How's the water pressure? (Check all the taps and the toilet)
Are you responsible for heat, electricity and/or hot water?
Are the windows and doors well-sealed? (This can dramatically affect your heating costs)
Who is responsible for maintenance, snow removal and lawn care?
Are there at least two outlets in every room? Do they all work?
Talk to the current tenants - what has their experience been?

Sealing the deal

Depending on your landlord, you may have to fill out an application to secure your apartment of choice.

Each potential occupant will also have to provide personal references and financial information. This assures your landlord that the rent will be paid - and that you won't destroy the place.

When the application is approved, it's time to look at the lease. You are entering into a contract with the landlord, so make sure you understand your rights and obligations.

Here's what a typical lease should include:

the monthly rental amount
the term of your commitment (e.g. 12 months)
whether or not you provided a deposit
under what conditions that deposit will be returned - and when
your landlord's agreement to pay the utilities (heat, electricity, etc.) if that's the case

For more information on what needs to be in the lease and other helpful tips, select the "Learn more" link.

Learn More

You should receive a copy of the lease and all of your roommates should have signed a lease of their own. This ensures you are all responsible for the rent and any damage.

Hint: Setting up a separate bank account for your rent money can provide peace of mind. Put enough funds in there at the beginning of each semester to cover your cheques and you won't have to worry about the dreaded "bounce" ... or an unhappy landlord.

Check out the resources at the bottom of this page for more information about your rights and responsibilities as a renter.

You're in

When the decorating is done and you're relaxing in your very own living room, it might seem strangely quiet.

Even with roommates, people often feel isolated and restless after the non-stop action of rez life. If you're looking to recreate the comfort of constant companions, the following ideas will make your home a mecca for your fellow rez-exiles:

Throw a cocktail party - Make it semi-formal. Send out invites and tell people to bring something to eat or drink
Have themed potlucks - Try Mexican, for example. Everyone has to bring a Mexican dish and dress for the occasion. You might want to specify what each person brings so you don't end up with a table of nachos.
Have a movie marathon - Think Star Wars, Alien, Halloween - and lots of junk food.

Resources

Learn more about your rights and responsibilities as a renter in the province where you'll be going to school:

Note: The links below will take you to sites outside the CIBC website. CIBC is not responsible for these sites, their services, or how they use information you give to them. Our privacy policy will not apply once you've left our website.

Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland & Labrador
Nova Scotia
Ontario
Prince Edward Island
Quebec

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.