Renting an apartment as a student can be a major financial commitment, but with the right strategies, you can keep costs under control. Whether you're looking for apartments for rent in Toronto, Edmonton, Calgary, or any other city, here are some practical ways to save money while studying.
1. Consider Shared Accommodations
One of the most effective ways to cut down on rent costs is to share your apartment with roommates. Splitting expenses like rent, utilities, and internet with others can significantly lower your monthly housing costs. Look for student apartments that offer multiple bedrooms or shared living arrangements.
2. Look for Student-Friendly Housing
Many professional management companies and REITs, including Boardwalk, offer student housing and discounts or incentives. Some universities also have partnerships with local housing providers, making it easier to find affordable student-friendly apartments close to campus. Always check with your school’s housing office for recommendations.
Websites specifically catering to student housing often list more affordable options than mainstream rental platforms. Explore university bulletin boards, student Facebook groups, and dedicated student rental sites like Places4Students to find the best options for affordable student rentals.
3. Choose the Right Location
While living close to campus is convenient, it often comes at a premium price. Consider off-campus housing a bit further from downtown or main university areas to find more budget-friendly options. For instance, Toronto apartments for rent in suburbs may be cheaper than those near the city centre. Look for places with easy access to public transit such as:
- Toronto Transit Commission (TTC) for buses, streetcars, and subways in Toronto
- Edmonton Transit Service (ETS) for buses and the LRT in Edmonton
- Calgary Transit for buses and C-Trains in Calgary
4. Find All-Inclusive Rentals
Some apartments for rent in Edmonton, Ottawa, and other major cities include utilities like heat, water, and internet in the monthly rent. Opting for an all-inclusive apartment can help you avoid surprise expenses and better manage your student budget.
5. Choose a REIT-Owned Apartment
Renting from a Real Estate Investment Trust (REIT apartments) can be a smart choice for students. Unlike independent landlords, REITs manage large communities, offering professional maintenance, landscaping, and management. This means you don’t have to worry about unexpected repairs, snow removal, or lawn care—services that are typically included in your rent.
6. Take Advantage of Student Discounts
Many apartment rentals offer discounts for students, especially near university campuses. Be sure to ask about any available deals when searching for affordable student rentals. Additionally, some cities offer rental assistance programs, such as:
- BC Rental Assistance Program – Rent support for low-income families in British Columbia – Financial aid for Ontario students
- Ontario Student Assistance Program (OSAP) Housing Aid – Financial aid for Ontario students
- Alberta Rental Assistance Program – Rent support for low-income Albertans
- Saskatchewan Housing Benefit – Assistance for eligible renters in Saskatchewan
Check local rental programs to see if you qualify for student housing support.
7. Look for Off-Peak Rentals
Rental prices tend to be lower during certain times of the year. If possible, start your search during off-peak seasons, such as winter or just after the school year begins, when fewer students are looking for housing.
8. Use Student Housing Websites
Websites specifically catering to student housing often list more affordable options than mainstream rental platforms. Explore university bulletin boards, student Facebook groups, and dedicated student rental sites like Places4Students for cheaper apartments.
9. Be Smart About Utilities and Expenses
To save money beyond rent, be mindful of utility usage. Small changes like turning off lights when not in use, using energy-efficient appliances, and sealing windows can help cut costs. Some cities offer energy-saving programs that may provide rebates or incentives.
10. Look for Short-Term Lease Options
If you don’t plan to stay in one place for a full year, consider short-term lease options for students or month-to-month rental agreements. Some REITs and professional management companies offer flexible lease options that align with academic terms, allowing you to avoid paying rent for months when you’re not in school.
Find Student Housing Near Your Campus
Boardwalk offers a variety of student-friendly housing options conveniently located near major educational institutions across Canada. These buildings provide comfortable living spaces with easy access to campuses, helping students save on commuting time and costs.
In Calgary:
- Boardwalk Heights – Located next to the University of Calgary, Mount Royal University, SAIT, Foothills Medical Centre, and Market Mall. Features include functional one- and two-bedroom suites, a fitness facility, and on-site security.
- Varsity Square Apartments – Conveniently located in the Varsity neighborhood, offering spacious suites with easy access to the Mount Royal University and shopping centres.
- Royal Park Plaza – Located in downtown Calgary, offering modern high-rise living with easy access to SAIT, transit options, and shopping amenities.
In Edmonton:
- Fairmont Village – Near the University of Alberta, offering spacious apartments with access to public transportation and local amenities.
- Maureen Manor – Close to MacEwan University and NorQuest College, providing comfortable living spaces ideal for students.
- Northridge Estates – Situated in the peaceful Rundle Heights neighbourhood, Northridge Estates offers spacious suites with easy access to Concordia University and NAIT, making it a convenient choice for students looking for a quiet, well-connected living environment.
In Saskatoon:
- Regal Tower I & II – Near the University of Saskatchewan and Saskatchewan Polytechnic, providing easy access to campus facilities.
- Carlton Tower – Situated in the heart of downtown Saskatoon, approximately 2.5 km (about a 5-minute drive) from the University of Saskatchewan, offering modern high-rise living with easy access to public transit, dining, and shopping, ideal for students looking for a vibrant city experience.
- Stonebridge Apartments – Located in a well-connected neighborhood with nearby shopping, dining, and direct transit access to Saskatchewan Polytechnic, making it a convenient option for students.
In Regina:
- Centennial South – Close to the University of Regina, providing convenient access to transit, parks, and essential student amenities.
- Qu’Appelle Village – Close to Saskatchewan Polytechnic, offering affordable apartments with easy access to transit and shopping.
- Wascana Park Estates – Offering convenient access to schools, parks, and transit routes.
For a comprehensive list of student housing options, visit Boardwalk's Student Housing page to find a residence that best suits your academic needs.
Final Thoughts
Saving money on rent while studying requires a mix of planning, research, and flexibility. Whether you're searching for apartments for rent in Toronto, Edmonton, Calgary, or other major student hubs, these tips can help you find an affordable place to live without compromising on quality. Prioritize your needs, explore different neighbourhoods, and don’t hesitate to reach out for help.
By making smart rental decisions, students can focus more on their studies and worry less about financial stress.