Daily Archives: March 9, 2011

PF Confession: Why my Rent is $315

I get asked by readers and commenters how my rent can be so cheap living in the City (aka Toronto).

Here’s Why

  • I live in a basement apartment, and I share it with one other roommate.
  • My apartment is located on the outskirts of the City.
  • I ‘m renting this apartment through a family friend.
  • It takes me about an hour of public transportation to get downtown.
  • I live about 7km from work.  Enough said.

I hope that kind of explains why my rent is so cheap.  I am by no means living a lavish lifestyle in the City, and only paying $315 in rent – though that would be nice.  I know I am getting a great deal.  Though if I didn’t have this friend connection, I’d be paying closer to $375 – $450 a month.

What my Rent Includes

I’m really lucky that my rent includes everything that I need:

  • Internet (it’s slow, and combined we only have 2GB!)
  • Hydro and all utilities
  • Washing machine & dryer

When I first moved in, my landlord and landlady did not have or use a dryer, so I got a little drying rack and hung everything out to dry.  In the winter, I hang things in the furnace room (I know, it could be a fire hazard, but it dries in nickity split!), and in the summer, I dry things outdoors (love the smell of sunshine).   After my room mate moved in, we got  a dryer to share, though I don’t usually use it.

Why I Live Here

I would like to own my home one day, but I’m not sure when that is.  When I do buy my own home, I’d like to be able to put as big a down payment as possible.  Also, I’m not ready for the responsibilities of home owner ship at the moment.  There are also other priorities, such as possible further education and living a more carefree life.

I also don’t spend a lot of time at home, so for now, my home is mainly a place to sleep, unwind, and cook.  Right now, it serves it’s purpose, and I get to save my money for the future.

I hope that explains my rent and why I choose to live there.  It’s nothing fancy, and I don’t plan to stay here forever, but I think it’s the perfect option right now.

How about you?  Why do you choose to live where you live?

Cheers,

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