Apartments for rent Nunavut
Nunavut, Canada's newest and largest territory, forms the majority of the Canadian Artic Archipelago. It is known for its indigenous Inuit people's artwork, array of wildlife, outdoor activities, and small communities. Home to an estimated 37.1 thousand, Nunavut is sparsely inhabited, and ranks 13th in population. The various islands, with their beautiful tundra, remote villages, and craggy terrain, are only accessible by boat. Tourists, with the majority being business travelers, spend millions annually to explore all its history and mesmerizing scenery. Nunavut has supported an ever-increasing population of indigenous people for over 4,000 years.
Nunavut continually increases economically. The development of petroleum and mineral resources, not to mention the fisheries and other supply sectors that are rapidly increasing in importance, is expected to create significant financial gain for this province. It has created a stable economic environment allowing the growth of new apartment buildings. You will easily find apartments with state-of-the-art radiant heating systems, enhanced acoustical wall separations, beautiful harbor views, and attractive interiors in the city of Iqaluit.
Cost of living
The most expensive city, and only city, in Nunavut is Iqaluit. Due to its isolation, imported supplies like Coca-Cola soda are significantly higher in cost. Food in Nunavut cost twice as much as the Canadian average, whereas gas is considerably less expensive.
Apartment Rental Statistics Nunavut
Renting tips & advice
Pay Attention to Your Lease
Decide how long you intend to stay in Nunavut apartments and sign a lease accordingly. A periodic lease can correspond to a calendar week, month, or year, whereas a fixed term lease relates to a predetermined period. A tenancy agreement may be verbal, implied or written. A written lease is suggested, but not required by law. Most landowners require written tenancies. Pay attention to the terms and conditions of the agreement and discuss what circumstances you feel should allow the lease to be void.
A landowner is entitled to a security deposit; however, there are a few regulations. For week- to-week rentals, the deposit may not exceed the value of one week's rent. If the lease is for more than a week, the tenant may pay half of the deposit upon moving in and the rest within three months. Within ten days after the tenant vacates the premises, the landowner must return the security deposit with interest. If any part of the deposit is being kept, the landowner must give an itemized statement of account for it; however, a property owner can keep all or part of the security deposit for the repair of damages or compensation regarding rent debts.
Create a Stable Budget
Grocery and services will most likely be your biggest expense in Nunavut. Set 80% of your income aside for living expenses (rent, gas, grocery, etc.) and 20% for extra wiggle room. What you do with the extra money is entirely up to you, but for most tenants it serves as a good backup for rent. Keep your expenses within your budget and put back a little money up for security's sake.