Achieving Affordable Rent In Toronto: 3 reasons to pay rent with a credit card

Strategies for Finding Affordable Rent in Toronto

Here are a few options that have worked well for me in the past in my rental searches:

• Be flexible with your location
• Try to look for housing starting in the off months (not when every student is moving to town looking for apartments).
• Consider older buildings (Some older buildings have rent control).
• Look for opportunities to share accommodation.
• Be prepared to negotiate, but always be polite and professional with potential landlords.
• Be prepared with everything you need to snag your dream rental right away (Credit Report, Reference Letters, a Letter of Employment, and Cheques for the first & last month’s rent.)

Importance of Budgeting to afford rent in Toronto

Ensuring you are choosing a housing option that you can afford is important. So, of course, I would be remiss if I did not mention the importance of Budgeting.

Determining how much you can afford to spend on rent in your budget is important. Before starting your house hunt, ensure you have created a budget and understand what percent of your budget is available for housing costs. Be sure to include rent, renters insurance, utilities, internet, cable and any other housing-related costs.

Innovative Solutions For Rent Affordability

We all know the tried and true ways to reduce your housing costs, such as sharing accommodations, renting a bedroom in a unit, or negotiating rent with a landlord (which may be less possible in this hot housing market). As renters, it is difficult to find affordable rent in Toronto when the demand is so high. But are there other ways to make renting in Toronto a little more affordable?

A company called Chexy has developed a great solution enabling renters to pay for rent with credit cards, earning rewards and cashback. In addition, they also help renters build credit by paying rent!

Your landlord gets paid by e-transfer on the same day each month, and your credit card is debited for the Rent amount + the 1.75% service fee. The charge is classified as a recurring payment – for which most credit cards provide a higher tier of rewards and cashback.

Leveraging Rent Payments to Earn Credit Card Rewards

Credit card churners would find using Chexy ideal as it would help them easily reach the minimum required spend when opening a new credit card to earn their bonuses.

Chexy also offers a referral program to improve your chances of getting even more cashback and rewards!

Streamline The Rent-Paying Process

Any renter can relate to the experience of having your rent due date fall just before your payday. Avoid the stress and headaches of worrying about the timing of rent payments by using Chexy to facilitate credit card rent payments.  Your landlord gets paid on time, and you have time to pay your credit card bill on a more flexible timeline. 

Conclusion

If you are a renter who does not carry credit card debt, you should strongly consider a service like Chexy. Chexy can help make achieving affordable rent in Toronto a little more attainable by getting cashback on rent payments, helping you build credit and simplifying the rent-paying process.  Why not check out Chexy today?