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Basic Costs You Need to Consider Before Renting an Apartment

Whether it’s your very first apartment or your fifth, finding an ideal apartment that fits both your lifestyle and budget is not an easy task. After all, with so many different factors to consider, it is natural to lose track of some of the most crucial details. However, by being organized and with proper planning, you can easily make your apartment-hunting job easier and faster. And in case you live in or around Kelowna, finding the right rental apartment can be so much easier. All you have to do is get in touch with the team at Homefinders and state your requirements. The team will provide you with a list of affordable houses for rent in Kelowna as per your preferences and budget.

With that being said, before you start apartment hunting, it’s important to consider how much you can afford to pay. From the application fee, the rent, brokerage fee, and security deposit to the average cost of utilities, parking fees, and renter’s insurance, you’ll need to spend a lot of money before you have even moved in. However, considering these costs will help you decide whether or not you can afford to rent a particular apartment before you fall in love with it. To help you out, we will discuss some of the most important costs every tenant should consider to find the right apartment.

Top 4 Costs to Consider Before Renting an Apartment.

Top 4 Costs to Consider Before Renting an Apartment

Renting an apartment isn’t only about the monthly rent. You have to consider the upfront costs to make sure your budget doesn’t exceed your monthly income. Here is a list of the top four costs you should consider before beginning your search for rental apartments.

  • Application Fee

The application fee is the first thing you will have to pay when you decide to rent an apartment. It typically starts from $30 and may go up to $60, depending on various factors such as the location and type of rental you’re applying for.

Depending on where you are planning to live, you may be asked to pay an administration fee along with the application fee. Some property management companies take the administration fee to cover the tenant’s credit and background checks. However, if you are looking for homes for rent in Kelowna, you can contact Homefinders to avoid paying any additional fees.

  • Security Deposit

A security deposit is an amount that every tenant needs to pay to the landlord at the beginning of the tenancy. It serves as proof of intent to move in and can also be used to pay for damages or lost property. Security deposits are held by the landlords throughout the rental agreement and the tenants can get their security deposit back when they vacate the property.

  • Renter’s Insurance

Another important cost that you need to consider before renting an apartment is the renter’s insurance. It will protect you and your personal belongings and liabilities from unexpected circumstances such as theft, fire, vandalism, and electrical malfunctions. Added to that, it will cover all the expenses in case you can’t stay at your rental apartment and need to temporarily relocate.

So, if you, too, are planning to lease an apartment and are on the lookout for house rentals in Kelowna or elsewhere, we would recommend you take renter’s insurance. In addition to offering you coverage, it will also protect you from liability if someone is injured on your property.

  • Maintenance Fees

Apartment communities that offer luxury amenities, such as fitness centers, swimming pools, game rooms, community gardens, and private spas, require tenants to pay a monthly maintenance fee. Hence, if you want to avoid any surprise charges and get a realistic picture of what you can actually afford, you should include the maintenance fees in your budget.

The Bottom Line Anyone who’s looking for rented accommodation should know that besides paying the monthly rent, tenants need to shell out a significant amount of money for other expenses as well. In case you are looking for houses for rent in Kelowna, you can reach out to us. At Homefinders, we provide the best rental relocation services at reasonable rates. To get in touch with us, call 250-899-8133.

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Everything You Need to Know About Holding Deposits.

Finding the right rental apartment can be stressful and time-consuming. After all, there are so many factors that you need to consider if you want to get that one-of-a-kind rental you always dreamed of. From determining your budget and choosing an ideal neighbor to providing documents to your landlord to convince him or her that you’re a good candidate, the list goes on. However, if you live in or around Kelowna, finding rental apartments is even easier. At Homefinders, we provide the best selection of house rentals in Kelowna. So, whether you need a studio apartment, duplex, or triplex, we have got you covered.

When you decide to rent a property, you must know about the different types of payments you may have to pay as a renter. From an application fee and a security deposit to the rent for the next month, there’s a good amount of expenses you need to consider. However, some landlords require you to pay a holding deposit as well. Want to know what a holding deposit is and what it entails? Well, keep reading the blog till the end.

All You Need to Know About Holding Deposits.
  • What is a holding deposit?

A holding deposit is a specialized type of deposit that tenants need to pay landlords to hold the property until the tenants can move in. It demonstrates the tenant’s commitment to the property and needs to be paid before paying a security deposit or signing a lease. However, it’s advisable to make a separate agreement for the holding deposit that will specifically specify the purpose of the deposit. Why so? Well, let’s say, after visiting numerous Kelowna rental properties, you have finally found the right property for you. But you can’t move in till next month. In this case, the agreement will stipulate all the terms and conditions regarding the refund of the holding deposit.

  • How much is a holding deposit?

The holding deposit is typically less than a security deposit and is equal to one week’s rent for the unit you want to reserve. Some landlords may say that the rate depends on the location and the market’s competitiveness, but remember that the holding deposit is capped by law. Hence, no landlord is allowed to ask for more than a week’s rent.

In case you have recently moved to Kelowna and are on the lookout for affordable home rentals in Kelowna, you can contact Homefinders. We curate and list properties from various individual partners to provide you with the best rental apartments.

  • When do landlords refund the holding deposit?

The landlord must refund the holding deposit within 7 days if:

  • The landlord breaks the agreement and rents the unit out to some other prospective tenant.
  • Once the tenant signs the tenancy agreement and pays the security deposit.

However, some landlords don’t return the holding deposit directly. They may roll it into your other costs like the security deposit or the first month’s rent.

  • What happens if the tenant withdraws the application?

In case the tenant withdraws his or her application, the landlord is entitled to keep the holding deposit. Apart from this, there are many other scenarios when the holding deposit won’t be returned to the tenant. For instance, if the tenant provides misleading or false information during the screening or fails the “right to rent” check, the landlord can keep the holding deposit.

The Bottom Line:

The holding deposit promotes the commitment of both parties. While it serves as a tenant’s pledge to rent the unit, the landlord must take the property off the market and should not rent it to other potential tenants. Once the tenant is ready to move in, he or she can either agree to deduct it from the first month’s rent or simply ask for a refund. Now, in case you are looking for house rentals in Kelowna, you can consider getting in touch with us. At Homefinders, we have the largest selection of rental properties to help our clients find the perfect home based on their preferences and requirements. Hurry up and avail of our services today!


Top Reasons Why Screening a Tenant Is Important.

For landlords, finding good tenants for their rental properties is the ultimate goal. After all, ideal tenants will not only pay rent on time but take care of your property and keep it well-maintained. Troublesome tenants, on the other hand, may not pay rent on time, damage your property, and even sublet the apartment without your permission. But in order to find a good tenant, the most important thing that you need to do is screen your prospective tenants. However, if you live in Kelowna or nearby areas and are looking for ideal tenants for your Kelowna home rentals, you can contact Homefinders. We provide a pre-screened tenant database to help landlords find the right renter.

Screening your prospective tenants will help you distinguish ideal tenants from troublesome tenants. Added to that, it’ll also help you assess possible risks you would be taking by renting out your apartment. If you’re still unsure whether or not you should do a tenant screening before renting out your property, take a look at the benefits tenant screening has to offer.

Top 5 Reasons Why Screening a Tenant Is Important

Top 5 Reasons Why Screening Tenants Is Important

Sometimes, it is difficult to tell whether the prospective tenant is as trustworthy and reliable as he or she seems. Here, using tenant screening can be very helpful. Here are the top reasons why screening tenants thoroughly is important.

  • Filters Out Bad Tenants

In a perfect world, your home rentals in Kelowna or elsewhere would be filled with renters who caused no damage, paid on time, got along with their neighbors, and did not have a criminal history. Well, the best way to make this dream a reality is through a thorough tenant screening process! By obtaining information about a prospective tenant’s eviction history, criminal history, employment status, and credit history, you can filter out bad tenants who aren’t suitable for your property.

  • Reduces Turnover

Another reason why landlords should screen their tenants is that it helps keep the turnover rate low. Whenever tenants leave, landlords are left with the costly process of filling their vacancies which leads to a higher turnover rate. With tenant screening, you will not only be able to find reliable tenants who are willing to sign longer leases but reduce the turnover rate as well.

  • Help Avoid Costly Evictions

Eviction is a complicated, lengthy, and costly process. Although it happens for a wide variety of reasons, it is mainly due to a severe breach of the lease or non-payment of the rent. By screening tenants, you can reduce the risk of evictions. How? Well, let’s say you live in Kelowna or nearby areas and need good tenants for your rental apartment. Although you’ll find a lot of tenants who are looking for homes for rent in Kelowna, tenant screening will help you choose the right one, thereby reducing the chances of an eviction.

  • Protects Your Property

While good tenants will take care of your property, troublesome tenants may damage your property and leave you with costly repairs. With tenant screening, you will be able to look at the tenant’s prior eviction records and find out whether or not the tenant was evicted for property damage.

  • Reveals the Tenant’s Current Financial Situation

By screening tenants, you can look into their financial situation and determine how reliable they’ll be when it comes to paying the monthly rent. Details like credit score, monthly income, and employment of the tenant will help you find out if he or she has a history of credit card debt as it may cause delays in regular payments.

The Bottom Line: So, if you don’t want high-risk tenants in your rental property, make sure to screen each tenant before letting them in. A thorough tenant screening will help you find ideal tenants who have good credit scores, a clean record, and consistent employment. Should you be looking for ideal tenants for your Kelowna home rentals, reach out to us. At Homefinders, we provide landlords with the best platforms to advertise and manage their rental properties. For more details, visit or call 1(888)289-9340.