Condos: The New Way to Rent
We all know that condos are one of the hottest commodities on the real estate market today. But their popularity isn't just for potential buyers; condos are hot for renters, too. Renting a condominium means that renters have access to the same A+ locations that many condos boast. Access to transit and other area amenities are not just reserved for those who purchase and own. There is an ever-increasing supply of "top notch" condo locations to rent within the city, and most exist in newer buildings with far more amenities than traditional apartment buildings can ever offer such as 24-hour concierges, increased security, swimming pools and saunas, fitness centers, party rooms and more.
Renting a condo is, legally speaking, no different than any other rental. Renters are entitled to the same rights and privileges as the owners in the buildings, however are bound to their contract with the landlord of the unit. Whether the landlord of individual suites, the owner of an entire apartment building, or one who owns a house with an apartment in the basement, in all scenarios both the landlord and tenant must abide by the rules set out by the province.
The following are two key tips when looking for a condo to rent:
1) Interview The Landlord
It's not just the potential renters that should be screened. Tenants should do their due diligence as well and do the same to their potential landlords. Feel free to ask a potential landlord what their qualifications are and find out if they are versed in the rules regarding tenancy laws in Ontario. Doing so may help prevent problems after you've moved in. For example, some landlords think they can enter a tenants dwelling as they see fit since they actually own it, when in fact they must give 24 hours written notice before entering.
The key to any agreement is not just to comprehend what is set out in the legal documents, but to have an understanding with the landlord. Don’t expect leniency because you have a good relationship with your landlord. However, building a relationship based on good communication never hurts.
2) Get Yourself an Agent
Finding a place to rent is generally time consuming and takes a lot of leg work. Save yourself the trouble. If you're checking out condos, contact a real estate agent to help you. They'll be able to select suitable condos based on the criteria you give them. Plus, because the agent gets compensated by the landlord, it's totally free for you!
This article was written by Chad Bradley. Chad is a Toronto-based real estate agent who specializes in condos, lofts and townhomes. To learn more about Chad’s services, check out his website at www.freecondoguide.com
Renting a condo is, legally speaking, no different than any other rental. Renters are entitled to the same rights and privileges as the owners in the buildings, however are bound to their contract with the landlord of the unit. Whether the landlord of individual suites, the owner of an entire apartment building, or one who owns a house with an apartment in the basement, in all scenarios both the landlord and tenant must abide by the rules set out by the province.
The following are two key tips when looking for a condo to rent:
1) Interview The Landlord
It's not just the potential renters that should be screened. Tenants should do their due diligence as well and do the same to their potential landlords. Feel free to ask a potential landlord what their qualifications are and find out if they are versed in the rules regarding tenancy laws in Ontario. Doing so may help prevent problems after you've moved in. For example, some landlords think they can enter a tenants dwelling as they see fit since they actually own it, when in fact they must give 24 hours written notice before entering.
The key to any agreement is not just to comprehend what is set out in the legal documents, but to have an understanding with the landlord. Don’t expect leniency because you have a good relationship with your landlord. However, building a relationship based on good communication never hurts.
2) Get Yourself an Agent
Finding a place to rent is generally time consuming and takes a lot of leg work. Save yourself the trouble. If you're checking out condos, contact a real estate agent to help you. They'll be able to select suitable condos based on the criteria you give them. Plus, because the agent gets compensated by the landlord, it's totally free for you!
This article was written by Chad Bradley. Chad is a Toronto-based real estate agent who specializes in condos, lofts and townhomes. To learn more about Chad’s services, check out his website at www.freecondoguide.com