With inflation soaring and the cost of just about everything through the roof, finding cheap apartments for rent in London is super important.
The cost of living in London is not as low as Winnipeg and not nearly as high as in Toronto, even though London is close by.
With less spent on rent, you’ll have more money in your pocket after you’ve paid your landlord.
Housing affordability is a major crisis for many Canadians, especially those in the lower-income bracket. And with low housing inventory not meeting the high demand, prices continue to inflate.
Fortunately, there are ways to find rentals in London that are below the current average. Let’s dig deeper to find out where to look.
How To Find Cheap Apartments For Rent In London
The easiest way to find affordable rentals in London is to browse through the various rental websites available online, including the following.
One of the first places people look online when searching for an apartment is Kijiji. You can use the online classifieds website to find rentals in London by simply choosing the real estate category and inputting specific keywords into the search bar. Kijiji will generate a list of rentals, which you can filter to narrow down the results, including by price.
There’s also a feature that will send you notifications when new apartments that match your criteria are posted.
Padmapper is a map-based platform that helps renters find cheap apartments for rent in London. Start your search by typing in your location of choice in the search bar, and Padmapper will populate a list of rentals in list form and plotted on an interactive map. You can further filter your search by price, number of bedrooms and bathrooms, and lease term, among others.
Padmapper also has multiple links that will take you directly to specific types of rentals, such as low-cost homes, pet-friendly rentals, and properties that include utilities in the rent price.
Another website available to help you find cheap apartments for rent in London is Zumper. Begin your search by choosing your location, budget, desired lease term length, and number of bedrooms and bathrooms. Based on your specified filters, Zumper will show all available apartments in list form and on a map.
You can even apply for a lease directly from the Zumper platform if you find an apartment that looks promising.
Rentals.ca is a great online place to find your next apartment in London. Like the other platforms, you can narrow your search according to the specific neighbourhood you want to live in, price range, property type, number of bedrooms and bathrooms, and others. Rentals.ca will then generate a list of rentals according to your search terms. You can also find available units on the map.
Facebook Marketplace is a great place to search for affordable apartments in London. You can specify your price range, property type, number of bedrooms and bathrooms, and other factors to find the perfect apartment. If you don’t find anything right off the bat, you can sign up for the Notify Me feature to receive notifications when new rentals in London are posted.
Where Are The Cheap Apartments For Rent In London, Ontario?
There are plenty of other cities in Ontario that are cheaper than London, but this particular city is still far more affordable compared to places like Toronto. In fact, the average rent for a 1-bedroom in London is about $650 cheaper in London compared to the province’s capital.
Some neighbourhoods in London are cheaper than others, including the following:
|Neighbourhood||Average rent price for a 1-bedroom|
Source: Zumper.com. Prices are subject to change.
Average Rent In London, Ontario
The average rent price for a 1- bedroom apartment in London Ontario is $1,691. That’s a 24% increase in price since last year.
Here’s the average rent price for apartments in London:
|Median Rent||Year-Over-Year Change|
Source: Zumper.com. Prices are subject to change.
What Happens If You Can’t Afford To Pay Your Rent In London, Ontario?
Are you having trouble gathering enough money to cover next month’s rent? Depending on whether this is a temporary issue or something that you’ll be experiencing long-term, there are steps you can take, including the following:
Speak To Your Landlord
Inform your landlord that rent won’t be on time this month. The sooner you let your landlord know, the better. It’s common courtesy. Plus, the landlord is likely relying on your rent to help cover the carrying costs of the rental unit.
If you’ve been a responsible renter thus far, your landlord may be willing to work with you and allow an extension on your rent. However, this is just a temporary resolution, as your landlord probably won’t agree to multiple late or missed rent payments.
Pay With Your Credit Card
Most landlords don’t accept credit card payments as a form of rent. Instead, they’re used to cheques, e-Transfers, and sometimes even cash.
But if you don’t have enough money to pay for next month’s rent, paying with a credit card would give you a little time to come up with the funds. In the meantime, the rent is paid, and you’re now left with a credit card balance that you can essentially carry over until you can pay it in full.
To facilitate the payment of rent with a credit card, you can use a third-party rent payment platform, like Plastiq or RentMoola, to pay your rent with credit. That way, your rent is paid, and you’re able to take advantage of other perks that come with paying with your credit card, including earning rewards and building a healthy payment history.
Spread The Costs With A Personal Loan
Another option to consider is applying for a personal loan. This will give you a lump sum of money that you can use to pay your rent. Like the credit card payment option, you’ll be able to ensure your rent is paid in full and on time. While all you’re left with is much smaller bill payments that you have a set time frame to pay.
If you have got good credit, you can snag a low-interest rate, which will make your personal loan more affordable. If your credit score is a little on the low end, you may want to apply for a loan with an alternative lender with more flexible lending requirements. You can get approved with bad credit, and the approval and funding process is typically much faster compared to a traditional lender.
That said, be wary of taking on too much debt, especially if you’re already having a hard time keeping up with your bills.
If you think your financial problems will last longer than a month or two, you should probably start looking for cheap apartments for rent in London to keep your rent within a more manageable range.
How To End A Lease In London
If you want to move out of your current apartment, you need to give your landlord a heads-up. In London, tenants on a yearly lease must provide their landlords with at least 60 days notice in writing of the intention to end a tenancy. For daily or weekly tenancies, notification must be made at least 28 days in advance of vacating the premises.
If you don’t give your landlord enough notice, your lease will continue. That means you’ll still be required to pay rent.
How To Qualify For Cheap Apartments For Rent In London, Ontario
Taking the time to scope out the rental scene in London will help you find where the cheapest apartments are. But there are other things you can do that can help you snag an even lower rent price, including the following.
Strengthen Your Credit Score
Your credit score is indicative of your payment habits. A good score typically means you pay your likely to make your payments on time. While a bad score can mean you have a history of late or missed payments.
Of course, landlords prefer to see a good credit score, since it will show the landlord that you’re a responsible tenant who will pay your rent on time each month. Part of the tenant screening process may involve a credit check.
How To Check Your Credit Score For Free In Canada
You should know what your credit score is before applying for a lease. You can check your credit score for free using Loans Canada’s CompareHub. It can also help you find loans to pay rent with the lowest rates based on your financial and credit profile.
Negotiate With The Landlord
Depending on your negotiating power, you may want to try bargaining with your landlord to see if you can shave a few dollars off the rent price. You may have better luck if you have strong credit, a healthy bank account, or enough money to pay for the full year’s worth of rent upfront. You can also offer to perform various maintenance tasks that the landlord would otherwise have to pay someone else to do. For example, lawn care, snow removal, and other chores.
Search During Off Times
Certain times of the year tend to be slower than others when it comes to the rental market. Namely, the fall and winter months often see fewer people out and about searching for rentals. This means less competition and demand, which could ease the pressure on rent prices.
Consider University Residences
If you’re a student, consider looking for units in your college or university. These residences often involve shared accommodations. This means you’d share the kitchen and bathroom with others, but typically with a lower rent price.
Even if you’re not a student, college or university residences may still be worth checking out. Especially if you’re looking for something more short-term. When school is out between May and August, students living in residence usually go home for the summer. These vacancies are often filled with short-term tenants looking for affordable accommodations.
School residences aren’t the only rentals that involve shared accommodations. There are plenty of rentals that offer a private bedroom and shared common areas. The trade-off is that they often come with a much lower rent price.
If you’re ok with sharing your kitchen and bathroom with other tenants, you can enjoy much cheaper rent.
Like housing prices, rent prices are on the rise. But that doesn’t mean there are no cheap apartments for rent in London to be found. By searching on online rental platforms and giving your credit score a boost, you can eventually find an apartment within your budget.