Where to Rent – Condos vs Apartment Buildings
September 14, 2020
Trying to find a rental in Toronto can seem overwhelming. There are so many options out there and it’s hard to know where to start. One of the first steps is deciding whether to rent in an apartment building or a condominium. You may not have realized that there is a huge difference between the two but understanding how apartment and condo units are distinct could aide in your search for the perfect place.
What is a Condo?
A condo is a privately – owned residence within a building or community. This means that the owner of the unit also acts as a landlord. The building likely has several amenities and is overseen by a condominium board and a property management company which is in charge of maintenance of common areas, rules and regulations. An apartment, however, is a part of a centrally managed building that contains several rental units. These buildings are generally managed by a professional company that specializes is the operation of rental buildings. An important differentiation is that while maintenance fees cover the cost of maintenance for common areas, in-suite maintenance in condominiums is the owner’s responsibility -where as in a dedicated apartment building the in-suite maintenance is included in the Property Manager’s work. This may make repairs and maintenance easier and more reliable in apartment buildings versus condos rented by an investor. Find out how maintenance issues will be dealt with wherever you rent – and find out if service is available 24/7/365.
How do the Amenities Differ?
Depending on the condominium and its age, location, and size, the amenities may differ. Some larger condos will have a concierge, gym, pool, lounge, outdoor areas and more. The maintenance of these features is shared by everyone in the condo and will be reflected in higher overall maintenance fees. In apartment buildings, amenities vary vastly, but one can usually count on a few basic amenities such as a parking spot and laundry room and may also include a concierge, gym, pool, tennis court, sauna, party room, guest suite etc. Check out the amenities in any building your considering.
Your landlord
One of the most significant differences between the options is the person (or people) in charge of overseeing your unit. When renting a condo, the owner of the unit acts as your landlord. They may or may not be experienced in property management and may or may not have good access to trades for important repairs on short notice. However, in an apartment, you have the benefit of renting in a professionally managed place. The teams involved in managing rental buildings will likely be more experienced and organized. Many people feel much more secure dealing with an established leasing organization, rather than a single individual. Also, when you rent in a dedicated apartment building, your right to long term tenancy is guaranteed. However, when you rent in a condominium from an investor, you never know when that investor will choose to sell.
Moving into a new space is an exciting endeavour and it’s important to make a choice that works best for your particular needs. Both condos and apartments have their pros and cons but understanding the difference between the two will ensure you find the best home for you and your lifestyle.