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Condo vs. apartment – just another thing to complicate the Toronto rental hunting process. You likely have many close friends and family who have found great Toronto apartments for rent and some who are renting out a condominium. On the surface, many condo and apartment units will look quite similar in comparison, but there are many distinct differences.
Condo vs. Apartment – what’s the difference?
The biggest difference between renting a Toronto apartment vs. a condo depends on the owner of the unit you are renting from. Condominium units are owned by an individual who has made a personal investment, whereas an entire apartment building is owned by one entity. While there may not seem like a lot of differences on the surface, your experience of renting either type of unit can be very different.
Why more millennials are choosing apartment rentals over home and condo ownership.
1. Apartments Offer Better Landlord Experience
The management company in your apartment building will have years of experience dealing with tenants. Over the course of your lease, you can expect a non-invasive, professional relationship.
What if the landlord at your condo becomes over-involved with your unit? Because they are renting out their investment, the transaction becomes far more personal. Some landlords have different interpretations of the Landlord Tenant Agreement, and could make your stay far less enjoyable.
2. Your Rent May Be Lower In An Apartment
According to MoneySense, renting a condominium in the city costs roughly $200 more than renting a Toronto apartment. The rent you are paying in a condo includes more insurance, taxes and condo fees. Prices in the Toronto condo market have never been higher, so rents in condos are often raised so the landlord can break even on their property investment. You will likely find a more flexible and affordable Toronto apartment for rent vs. a condo.
3. Apartments Offer Better Service
If you ever need to contact management in an apartment building, there is always someone available for you to contact. The in house maintenance staff would have a better understanding of your unit and would make repairs in a faster and timely manner.
When you rent from an individual, your needs may not be met as promptly. Condo owners are the ones who are responsible for maintaining the unit. If you had an appliance that was in need of repair for instance, your landlord could be out of the country, tied up at work, or simply unavailable. Your needs will have to come second to their schedule.
4. Apartments Offer Better Stability
What if the owner of the condo decides to sell the property while you are still living there? There is not much in the way of your landlord deciding to put up the condo on the open market and move on. While there are laws that protect you and cases like this are rare, it could still happen. In that respect, apartment buildings offer more stability.
At 133 Gamble Avenue you are renting from a respected management group, committed to creating a premier Toronto living experience.
