Student Rentals in Waterloo 2021
Should I renew my lease or look for a sublet?
As students in Waterloo wait for the final word on the state of in-class versus remote learning in 2021, many are wondering if they should renew their current lease or try to find a new place to temporarily sublet. While the appeal of a cheap sublet may be hard to resist, there are many reasons why renewing your current lease will save you time, money and peace of mind in the long-term.
Here are five reasons why you should renew your current lease rather than trying to find a new sublease.
Know Exactly What You’re Getting Into.
When you renew your current lease, you know exactly what your unit looks like and what it’s like to live there. You don’t have to worry about dealing with Facebook sublet group drama or signing a sublease for a unit that looks nothing like it did in the photos. You’ll also be familiar with amenities and services that are hard to judge from photos or a one-time viewing – like how fast the wi-fi is or how well the building is soundproofed. Renewing your current lease ensures there are no last-minute surprises come move-in day.
2. No Sudden Rent Increases.
In accordance with provincial law, rental rates must remain the same within a fixed lease term. That means when you renew your current lease on the same lease term, you can enjoy your living space and set your budget for the year without having to worry about any sudden demands for higher rent payments.
3. Save on Moving Costs.
While some subtenants are able to offer lower than average rental prices for a short-term sublet agreement, the cost – and time – involved in moving every four months really adds up. Every time you move, you’ll need to purchase moving equipment (such as boxes, tape and bubble wrap), and will likely need to rent a car or truck to transport your belongings from one building to another. Many students find themselves having to pay for a professional moving service to assist them, especially for those who don’t have personal connections in the area. If the unit you’re moving to is unfurnished, you’re also on the hook for buying and transporting your own furniture, and then figuring out what to do with it at the end of your sublease term. Add in the time spent packing and unpacking and you’ll likely find yourself wishing you had never moved at all.
4. Avoid Nightmare Roommates.
There are some things in life we cannot choose for ourselves, but who you live with should definitely be one of them. Moving into a new place with people you’ve never met before is a big risk. You could find yourself stuck with roommates who are messy, noisy, or worse – make you feel unsafe. Renewing your lease with your current roommates means actually knowing the people you’ll be sharing your living space and trusting your belongings with. Prefer to fly solo?
5. Ability to Sublease.
Whether it’s an upcoming co-op term or semester abroad, you may be nervous about the possibility of having to pay rent for a unit you won’t be living in for up to four months at a time. As the lease holder, you have the option to find a subletter to help cover those costs. Once you have found a trustworthy person to sublet your unit, have them sign a sublet agreement with clear rules and guidelines for payment and move-in/move-out dates. If you are a current Sage Living tenant looking to sublease your condo, you can use the Sage Living Subtenant Agreement Form. Once the agreement has been signed by both parties, be sure to let your property management company know who your sublet is and how they can contact them in case of emergency.
If your lease is coming up for renewal, contact your Sage Living rental agent to discuss your renewal options at renew@sagecondos.ca. If you would like to learn more about renting with Sage Living or to view available units, contact a rental agent today at rent@sagecondos.ca.