Your First Apartment in Edmonton

Choosing your first apartment is an exciting milestone that comes with tons of questions. What’s a good budget for an apartment? Are roommates really nightmares? What about utilities? Where do you even begin searching for an apartment?

As a leader in Edmonton’s growing condo and rental market, we’ve put together some simple guidelines to help you manage this important step in life.

Step 1: Setting a budget for your first apartment

If there’s one mistake that you can’t afford to make, it’s misunderstanding your rent budget. The problem is that if you overestimate your ability to pay and end up with a 2 year lease that you have trouble paying each month, you’ll be sacrificing quality of life for a place to live.

Luckily, we have some money saving tips!

As mentioned in our guide to renting an apartment in Edmonton, you should be aware of the “30% rule of thumb.”

The ‘30%’ rule of thumb basically means that the maximum you can afford to pay in rent each month is 30% of your gross (before tax) monthly income. 

Why 30% you ask?

It’s not a hard-and-fast rule, so much as a general understanding that this is an amount that will let you enjoy other parts of your life. It can be tempting to push your limits a bit on your first apartment and live large, but the reality is that after rent, furnishings, transportation, and other necessities are covered, you’ll want some cash left over each month for fun and saving!

Moreover, most rental companies will check your income as part of the rental application process. While you may be able to push it a little bit, the person reviewing your application may have questions for you if it looks like you’re budgeting too much of your monthly income for rent.

The bottom line: set a realistic budget – one that you can sustain while being able to put money aside for life’s surprises. Make the time now to sit down and tally your budget; once you have your number in mind, you’re ready to start looking at the next piece of the “first apartment” puzzle.

Step 2: Consider roommates

Something to consider when renting your first apartment is adding a roommate. The temptation to “go it alone” in your first apartment can be strong, but knowing you have a partner to help split the rent, cleaning, and other responsibilities with, can be reassuring.

Renting with a roommate will allow you to save money on utilities as well. If you think about electricity costs for example, the amount used by two people isn’t much more than one person alone, and this way it gets split. These types of savings add up!

Communication and honesty are key when choosing to rent with a roommate. Spend time vetting your potential partner for their attitude around sharing responsibilities, their work stability, and other personal characteristics that will impact your time together.

Step 3: Choosing the location of your first apartment

The next step in finding your first apartment in Edmonton is picking out a location.

It’s important to know that just because you work downtown doesn’t mean you need to live downtown. There are beautiful, vibrant communities all around the city, and a small commute can equal hundreds of dollars in savings on rent each month.

Consider your lifestyle. If you love getting out of the city on weekends, going shopping, and you want to enjoy amenities like swimming pools, libraries, and parks, you might consider looking at a rental community like Sora as an option for your first apartment.

When considering location overall, also keep in mind the age of the building. Older buildings often require more maintenance and come with some compromises (like small service elevators for moving in and out) that can affect your experience. Newer communities are built to the latest standards in safety, quality, and comfort, and you’ll notice that the floorplans and finishings of rental units are more modern as well.

Step 4: Find your ideal apartment building

You know your budget. You have decided on whether to have a roommate or not. You know which community you want to live in.

This is it – you’re getting close to finding your first apartment!

The final step is zeroing in on which apartment building and which unit you want for your first apartment!

Amenities

Look online to see what types of amenities and facilities each building offers. If you’re someone who uses the gym frequently, it may be smart to find an apartment with a gym. This can save you a lot of money over time, as you won’t need a gym membership. 

Similarly, if you drive, parking needs a consideration. Is there efficient parking on the streets for visitors? What’s the monthly parkade fee, if there is one? These are factors you should consider and also compare with other complexes, in order to find the best option for you.

Interior and Finishes

When you imagine your apartment, what does the interior look like? Is it a wide open kitchen with lots of space for entertaining? Do you want a large master bathroom?

These are important considerations, and not every building is equal.

Consider how important these aspects are to your ideal lifestyle and sort your building options accordingly.

Utilities

Things like waste services, sewage, water & heat are often included in your monthly rent, but you should still carefully read your apartment listings to know what’s on your monthly bill and what’s not; feel free to ask property managers for clarification.

One area that often surprises first time renters is parking – ask specifically what types of parking stalls are available (covered, uncovered, etc.) and make a request that works within your monthly budget.

Step 5: Move in day

Once you’ve done all the above and signed your lease agreement, it’s time to get your belongings into the suite and move into your first apartment!

The following steps are key to follow so you don’t end up with a moving company outside your building and no way to get your furniture into the building.

1. Find out exactly what day you can come get your keys to your suite.
2. Book the service elevator with your building manager for a day after that day. The next day is a great choice.
3. Find a moving company (or a friend with a truck!) and book them for that day.

The minimum 1 day buffer between getting your keys and having someone move your things is really important. Things can happen, and sometimes you might not get your keys until later in the day. If you booked all your moving services for the day-of, you can run into problems, so it’s best to give yourself a day of safety net.That’s it, you’re living in your new apartment!

Finding your first apartment is an exciting time in your life! You want to enjoy it as much as you can, and with these helpful tips you’re sure to find the right apartment and manage the process without too much stress.

Keep in mind that two of the main benefits of renting are simplicity and flexibility.

Compared to buying a similar unit, renting is really simple. Maintenance is covered, utility payments are simple, and you’ll never have to shovel or mow the lawn.

The flexibility lies in being able to move without hassle when your lease term is complete. As a first time renter, this is especially important because you will have life changes in the future, and being able to move to a new area gives you freedom of choice!

Do your research!

Put in the time up front to find your best choice for a first apartment, and you’ll be sure to enjoy the experience of living on your own!See our rental community Sora, in Southeast Edmonton, which is a quickly growing area, perfect for first time renters and young families.