According to the Student Housing in Canada report by UTILE, approximately 1.5 million university students were renters in 2021, with 1.3 million of them living in apartments on the private market - i.e. outside of a university residence.
- Community: Living in a dorm means being part of a community, making it easier to meet and make new friends.
- Activities: It's easier to take part in campus activities and organizations when you live on-site.
- Convenience: From classes to the library to the cafeteria, everything is right at your fingertips.
- Zero commute: Not having to commute to class means more time for work, studying, or bonus - sleeping in!
- Limited privacy and space: Dorm rooms are often shared and smaller than your average apartment, meaning less room, less privacy, and less personal space.
- Rules and regulations: Be prepared to adhere to dorm rules and quiet hours.
- Increased illness: Living in close quarters makes it easier for germs to circulate.
- Cost: Because you have access to everything you need, the cost of dorm living is typically higher than renting off-campus.
- Choice: Living off-campus means you can pick your roommates and living arrangements.
- Independence: You have more freedom in terms of how you manage your living space.
- Privacy: You'll have more privacy and personal space than dorm living.
- Cost: Living off-campus can be cheaper, especially if you have roommates and are mindful of your budget.
- Food: You can cook your own meals, giving you control over your diet and saving money.
- Commute: Depending on location, you may have a longer commute to campus. This can be time-consuming and costly.
- Isolation: You may not have the same level of built-in social interaction and community as living on campus.
Short-term rentals are leases that span a shorter duration, usually month-to-month or semester-by-semester. They can be great for a student renter for many reasons:
4. No need to sublet: You won't have to worry about finding someone to sublet your space during holidays or semester breaks.
5. Location: Short-term rentals are often close to campuses, libraries, and social hubs, which can help enhance your college experience.
Long-term rentals, on the other hand, are leases that last for a year or more. Here are a few reasons why they're appealing:
1. Cost-effective: Long-term rentals offer more affordable monthly rates, making them a budget-friendly choice.
2. Stability: Long-term leases provide stability and a sense of community.
3. Lower stress: You won't have to worry about moving in and out or finding a new place each semester, reducing stress and disruption.
4. More options: You'll have access to a wide range of housing types, from apartments to houses, allowing you to find a space that suits your needs.
As a student, selecting the right location to rent is a big decision. To help narrow your search, consider the following:
1. Commute: How do you plan to get to school or work? Walk, drive or use public transit?
2. Proximity to friends and family: If staying local, how close do you want to be to family and friends?
3. Neighbourhood safety: Prioritize safety by researching neighbourhood crime rates.
4. Amenities and services: What amenities are essential for you? Grocery stores, gyms, parks, or libraries? Having the right ones nearby can enhance your student life.
5. Neighbourhood vibe: Consider your lifestyle preferences. Do you prefer a quiet, residential area for focused study? Or a vibrant, urban spot with shops, restaurants, and nightlife?
Living Arrangements
Living with a roommate
Roommates offer financial advantages if you're looking to keep costs low. However, you'll want to think about whether having a roommate aligns with your lifestyle.
When you're immersed in long study sessions or spending all day in class, do you want to come home to a quiet space? Or would you prefer living with peers for a sense of companionship and to ease the challenges of student life?
Finding a roommateSometimes, the best roommate can be found within your immediate circle. After all, trust is key for any successful relationship, and who better to share a space with than someone you already know and trust? By choosing someone from your inner circle, you're more likely to have shared interests, values, and habits. So before you start your search, consider the people already in your life. The perfect roommate could be closer than you think!
Online search
There are many location-based roommate finder websites. Find them by opening up your search browser and typing in "find a roommate in [insert city]". Or, check out the following websites:
- Palz Home Zone on Facebook
- Roomie Match
- Kijiji
- Roomster
Most roommate finder websites will have you create a profile, so be prepared to share some information about yourself to land a compatible roommate. Include the following in your profile:
- A friendly introduction (include a few fun facts about yourself)
- What you like to do in your free time (show some personality) ---- What you're looking for in a roommate
- When you're looking to move in
- Your ideal rental location
- Your monthly budget
- Your general schedule (work, school, and sleep)
- Your thoughts on guests and partying
- Your cleanliness standards
On-Campus resources
Most colleges and universities offer resources to connect students with potential roommates, such as bulletin boards, online platforms, and roommate-matching services. These can be invaluable in your quest for the ideal roommate - take advantage of them!
Determining compatibility
Find someone you'll enjoy sharing your space with! Put together a list of questions to ask potential roommates, such as:
- What do you do for fun?
- What is your major or field of study?
- What does your daily routine or schedule look like?
- How often do you clean?
- Do plan on having friends come over often?
- Do you have any pets?
- Do you smoke?
- Do you have any food restrictions?
Tip: Get to know your potential roommate and make sure you both feel comfortable with the living arrangement. If dealing with someone you don't know well, ask them to complete a background check and sign a roommate agreement that outlines expectations, rules, and responsibilities. This can serve as a reference point in case of disputes.
Personal Requirements
Choosing the right accommodation type
When it comes to selecting your accommodation type, you'll be faced with a myriad of choices. How big of a space do you need? How many bedrooms? Do you need a backyard? Get clear on your needs so you know what to look for.
- Roommates: Will you be living with roommates? If so, how many?
- Housing type: Do you need an apartment or townhome?
- Pets: Do you or your roommates have any pets?
- Outdoor space: Do you want a backyard space where you can host BBQs or get-togethers? Or are you okay with a balcony in an apartment building?
Next, take note of the amenities you desire, both in your unit and within the building. Ask yourself the following:
- In-unit amenities: What are your must-haves when it comes to in-unit amenities? (i.e. AC, in-suite laundry, balcony, etc.)
- In-building amenities: What are your non-negotiables when it comes to building amenities? (i.e. parking, storage, fitness facility, concierge, etc.)
By defining your personal needs and preferences, you'll be better prepared to find the perfect student rental that suits your (and your roommates?) lifestyle.
P.S. Do you or your roommate have a pet? With
Minto Apartments, all furry friends are welcome!
Lifestyle Requirements
Determining what's importantFinding the right rental means figuring out your unique lifestyle and needs. Whether you crave the bustling city vibe or wish for a peaceful suburban escape surrounded by nature, it's essential to choose a place that aligns with your student journey.
Here are some key factors to consider:
- Proximity to campus: Shortening your commute can free up valuable time for studying and extracurricular activities.
- Access to Public Transit: Easy access to public transportation can be a game-changer. It makes getting to class, work, or exploring the city a breeze.
- Nearby Amenities: Are there grocery stores, coffee shops, parks, and recreational facilities nearby? Having these essentials within reach can simplify your daily life.
- Community Vibes: Are you a social butterfly who thrives on interaction or do you prefer quiet evenings in? Understanding if you want to be in an area with entertainment options or a cozy, tranquil atmosphere is important.
Tip: Looking to elevate your student living experience? Consider renting from a property management company. Fully managed buildings offer many perks and benefits, including 24/7 emergency services and a professional team to handle everything from maintenance to organizing on-site events.
Creating a budgetTake some time to figure out how much you can afford to spend on rent, and from there set a realistic budget.
The 50/30/20 rule has become the standard when it comes to budgeting and is a great guideline to follow to avoid overspending. According to this rule, you should allocate 50% of your income to needs, 30% to wants, and 20% to savings.
Source: The Balance
Here are some steps to follow to determine how much to budget for your apartment:
Step 1. Calculate your total monthly income. Be sure to include any financial aid or income you might be getting from other sources, like OSAP or family.
Step 2. Calculate your total monthly expenses, AKA your "needs". (See chart below for estimated costs.)
Step 3. Subtract your expenses from your income and see what's left for "wants" and savings.
Last, but not least, make sure to plan for *annual and unexpected increases and regularly review and adjust your budget.
*Annual Rent Increases vary by province, so make sure to check your provincial regulations.
Expense | *Cost Per Month |
Rent: Determine what you can allocate to rent based on your financial situation. Aim to spend no more than 30% of your monthly income on rent. | $800-3,000 |
Utilities: Add in the cost of electricity, water, gas, internet, and any other utilities that may not be included in your rent. | $300-500 |
Insurance: Renter's insurance is recommended (and in some cases required), so make sure to add this to your list to protect your belongings. | $20-50 |
Parking: If you have a car, add a line item for potential parking or EV charging fees. | $50-80 |
Storage: Most properties have onsite storage ranging from $50-100 per month. | $50-200 |
Transit: Include estimated transportation costs if you'll be relying on public transit or rideshares. | $100-125 |
Tuition | Will vary depending on college or university |
Food | Will vary by student |
Personal Expenses | Will vary by student |