August 2016
For renters, rental buildings have always offered advantages over renting a condo. Until recently virtually no rental housing was being built thereby providing renters with few options.
This appears to be changing as multiple developers have announced new high-rise rental buildings.
The single greatest advantage to being a tenant in a rental building is that the building is managed as a rental property. This provides a different, some claim superior, experience for tenants.
Key Differences
- Condo buildings are governed according to the Condo Act which focuses on home ownership. Rental properties are governed by the Residential Tenancies Act which offers protection for tenants.
- Condo management offices have no obligation to service tenants. Rental building offices exist to service tenants.
- When problems arise, condo building tenants are usually required to deal with a condo owner inexperienced at dealing with tenant concerns, suite repairs and other matters that may arise.
