5 Legal and financial tips every renter should know before signing a lease

1. Spot Hidden Costs in Your Lease:

   Review your lease agreement carefully for extra fees like maintenance charges, parking fees, or penalties for early termination. Always ask for clarification on unclear terms to avoid surprises later.

   
   

2. Know Your Rights Under Ontario’s Residential Tenancies Act (RTA):

   Familiarize yourself with the RTA, which outlines your rights as a tenant. This includes protections against illegal rent increases and eviction procedures. A knowledgeable tenant is a confident tenant.

   
   

3. Understand Restrictive Clauses:

   Watch out for clauses that may limit your freedom, like bans on having guests, pets, or subletting. If something seems unreasonable, discuss potential changes with the landlord before signing.

   
   

4. Budget for Upfront Costs:

   Prepare for expenses like first and last month’s rent, moving costs, and tenant insurance. A solid budget ensures you can manage these costs without stress.

   
   

5. Verify Utility Responsibilities:

   Clarify who pays for utilities like water, electricity, and internet. Some landlords include them in the rent, while others do not. Knowing this upfront can significantly impact your monthly expenses.

   
   

Renting in Ontario comes with legal and financial challenges that can catch renters off guard. These 5 legal and financial tips that every renter should know, will help you circumvent the common pitfalls include hidden costs like insurance and utilities, unclear lease agreements despite the use of the Standard Lease Agreement, and a lack of awareness about tenant rights under the Residential Tenancies Act (RTA). Reports from sources like Fairstone, Odura Legal Services, and Portsmouth emphasize the importance of tenant education to ensure a smooth renting experience.