Renting for the Long-Term? You’re Not Alone 

Tips to budget as a long-term renter 

If you’re renting for the long term, you’re not alone. A recent report found that 33% of Canadians rent their homes. While renting used to be seen as a temporary situation or a step towards owning a home, for many people long-term renting has become the status quo. Renting your home can offer flexibility and freedom, but it also comes with its own set of financial challenges and expenses. To make the most of your money, here are some budgeting tips to keep in mind if you’re renting for the long term.

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Calculate Your Total Housing Costs, Not Just Rent 

Even if you’ve been renting long-term already, it’s crucial to calculate all of your costs, beyond your monthly rent payments, when setting up your budget. Utilities such as your electricity, water, gas, and internet are not always included in your rent. If you haven’t budgeted for these added costs, you might already be finding yourself short each month. Tenant’s insurance, which covers the cost of your belongings in case of loss or damage, is often required by landlords and needs to be included in your budget as well.
Accounting for all of your expenses will help you build a more accurate budget that reflects your current financial reality.

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