Renting is an option that most of us are familiar with, some consider it a rite of passage into adulthood, and many feel that it is the only choice if we want to live in a city like Toronto. Renting an apartment in the big city means having to deal with some of the pitfalls that go along with not owning your home. Here are six very real facts about renting that’ll make you think twice!

  1. You could have a bad landlord

I’m sure we’ve all heard similar landlord horror stories. The typical over-attentive type who always wants to know what you’re doing and is always hanging around the property. On the other hand, you could find yourself with a negligent landlord who said they would fix your leaky sink tomorrow but now it’s been three months and it’s still leaking.

2. Moving is expensive 

An expensive part of a new place to live are the exorbitant costs of moving into that new space. The packing material, hiring movers, or renting a truck, and renters insurance. These costs add up and they can also be a headache to stay on top of while you’re packing your life into boxes. Plus, you’re at the whim of your landlord, so you may find yourself with that dreaded 60-day notice and moving more often than you had planned. 

3. Taking on repair costs 

Maybe you are sick of waiting for your landlord to fix your leaky sink and decide to take on the cost of fixing it yourself. In Canada, this can cost anywhere from $55 to $7,160 with the average cost being about $500. That’s basically your grocery budget for two months! 

4. Renovating your space 

If repairs are one side of apartment costs upgrades are on the other end of the spectrum. Sometimes you want to invest in making your living space nicer or reflective of your personal taste. When renting, you can’t really do any upgrades to your space, sometimes you won’t even be allowed to paint the walls! It can be hard to make your place feel like home. 

5. Rent increases

So you love your space and you’re nearing the 1-year mark of living there, all of a sudden you get a notice saying that your rent will be increasing by a couple of hundred dollars if you want to renew your lease. 

6. You’re not building equity

The biggest pitfall of renting is that you’re not owning. You’re not building equity in the property, and when you move out the cycle resets itself. Instead, you’re helping someone else grow their equity and helping your landlord pay of their mortgage. 

But here’s the thing, renting doesn’t have to be the baseline for city living. At Key, we’re creating a third, hybrid option for Canadians beyond homeownership and renting. Our co-ownership model allows you to own and live in your Key suite for just a 2.5% down payment, the percentage of equity you own lowers your monthly payment. Learn more about Key’s model here