Benefits of Living in a Cheap Basement Apartment

Many renters initially balk at renting a basement apartment, envisioning a cramped, dark, and damp unit. Although basement rentals might not initially strike one as particularly appealing, many Toronto landlords have invested money and effort into making them as pleasant as any other apartment.

While many young people begin renting basement apartments, they are a great fit for all ages, particularly singles and couples. Since basement apartments are one of the cheapest options for rental properties, they should be especially attractive to those wishing to stay close to downtown.

Read more benefits of living in a cheap basement apartment below.

Basement apartments are cheaper

Renting a basement apartment can significantly reduce one\’s monthly expenses because they are typically less expensive than other apartments. Currently, basement apartments usually cost between $200 and $400 less a month than above-ground apartments in the same structure.

In West Toronto, a well-equipped basement bachelor in a semi-detached at Symington and Dupont could cost $1,850 a month whereas a top-floor unit in a similar house would cost $2,050. Both include utilities.

That monthly savings comes up to almost $5,000 a year, which could go towards fun activities that take you outside the unit, like travelling abroad for a month or making several shorter trips to a warmer climate.

Basement apartments are often more spacious

When you hear the word \”basement\”, you think it refers to a cramped space, but many of these apartments offer a respectable amount of space between 600 and 1,000 square feet (Orosz, 2023). One would probably have more room than in a multi-family apartment because basement units are often designed as single-family homes.

More flexible requirements for rental application

In a competitive rental market like Toronto, renters often need to have a documented Canadian credit history and a work letter to apply for an apartment. This means you might not be eligible for many of the rental options, especially if you’re moving from another town or are a newcomer. Compared to corporate rental apartment landlords, individual homeowners can be more flexible with rental criteria as this might be a part of the house that is usually empty or just an addition to their overall income.

Access and privacy compared to a shared room

Legally, a basement apartment must have a separate entrance. In a house, your entry will normally only be used by you. Additionally, basement apartments offer simple entry and exit. There is typically only one small flight of stairs, or none at all if the apartment is a garden unit (Orosz, 2023).

Utilities are usually included in the rent

When renting a basement unit in Toronto, utility costs, including air conditioning, heating, water, and hydro (electricity) are usually included. Some landlords may need the tenant to pay a share of the utilities or set an additional amount to the monthly rent given that some utilities are shared with the main house. Some homeowners might furnish the basement apartment entirely or partially before renting it. You can significantly reduce the amount of money you would otherwise spend on appliances and furniture by choosing such apartments.

The opportunity to stay in a better neighbourhood at a lower price

Basement units often offer the greatest value in many more central neighbourhoods. You could live downtown and benefit from the same perks as your neighbours who pay far more in rent.

Logically, you should consider various aspects when choosing a neighbourhood, such as amenities and public transit accessibility, walkability, proximity to the downtown area, and the diversity of local shops.

These neighbourhoods are typically composed of low-rises and surrounded by parks and schools so you should be prepared to live near children.

Peace of mind to make noise

Living in a basement means there\’s no one below you, offering a sense of tranquillity. You go barefoot, do burpees, or even dance the can-can in high heels without fear of angry downstairs neighbours yelling at you.

Furthermore, noise tends to be less noticeable from below. Except for loud music, loud conversations, or loud intimate activities that might resonate through the house\’s wooden framework, the noise generated within your unit is unlikely to disrupt your neighbours\’ daily routines significantly.

Cooler Summers

The lower position of basement apartments means they are naturally cooler in the hot summer months. This can make the living space more comfortable without relying heavily on air conditioning.

Unique Aesthetics

Many basement apartments have distinctive features, such as exposed brick walls or unique layouts that add character to the living space.

Quicker Heating

In colder months, basement apartments can heat up more quickly due to their enclosed nature and the insulating effects of the surrounding earth. It is amazing how quickly small electric heaters can warm up a basement room.

Some basement apartments offer backyard space

Whether shared or private, backyard space can be included in the rent, especially if other tenants are in the same property. It’s a nice perk especially when you’re looking for a brighter environment.

Upstairs landlords are more careful about their own noise

Landlords residing directly above the rented space are often more conscious of the noise they generate. Their desire to maintain a pleasant living environment for their tenants generally makes them considerate and less inclined to create disturbances, even when they have children.

Conclusion

By opting for a basement apartment, one can circumvent two of the most frequent difficulties when renting homes in Toronto: a lack of an established credit history and financial limitations. Additionally, basement apartments may be larger than condos or rentals with comparable price ranges. A basement apartment can be a fantastic home, provided one thoroughly inspects the unit and ensures that the agreement terms match their needs.

References:

Orosz, M. (2023, March 27). Basement rentals: What are the pros and cons?. isure. https://isure.ca/inews/basement-rentals-pros-and-cons/ 

Renting a basement apartment in Canada as a newcomer. Arrive. (2022, April 18). https://arrivein.com/housing/renting-a-basement-apartment-in-canada-tips-for-newcomers/

Author: torontoapartmentsforrent