Pros and cons of renting a condo in Quebec
Apartment
or condominium: which is better to rent? Plenty of people ask themselves this
very question as they search for the perfect place. Read on to discover the
pros and cons of each so you can make the right choice based on your budget and
lifestyle.
The difference between condos and apartments
If you’re looking to rent a property, you’ve probably noticed that condos and apartments are fairly similar. In fact, the main difference is how they are managed.
In an apartment building, one person owns the entire building and rents the apartments out to the various tenants. Often, the only common portions are the stairwells and hallways.
Condominiums, on the other hand, are owned by multiple co-owners, who each own a private portion of the building (their living space). The common portions are jointly managed by all the co-owners.
Pros and cons of renting a condo in Quebec
1. Responsibilities
When you rent a condominium, you get a wide range of benefits without paying a mortgage, condo fees, the welcome tax or property taxes. However, spending more than 25% to 35% of your monthly net income on rent[1] is not recommended, regardless of your salary.
2. Amenities
Another difference between a condo and an apartment is the various services available in the building. Generally speaking, condos offer more services. In addition to a parking space, laundry room or private balcony, some buildings also have a gym, swimming pool, terrace or barbecues.[2] In short, condominiums are known as a more modern, complete, soundproofed living environment for residents.
3. Rent
Of course, the amenities mentioned above affect the cost of rent. By way of comparison, in Montreal, the monthly rent for a rental condo recently averaged $1,124, compared to $708 for an apartment.[3] Condominiums are also generally common in major urban centres and are usually close to many services, including public transit.[4]
4. Community life
Living in a rented condo makes group activities easier and fosters a sense of community in the building. As a result, most residents know each other well and have good relationships with their neighbours.[5]
Condos and apartments
aren’t the only rental options: you could also consider renting a single room
or an entire house. It all comes down to your lifestyle. Want to keep looking?
Visit Centris.ca to find a property to rent.
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See also:
Demystifying short-term rentals and divided co-ownership
Condominium living: Are you keeping up with the new legislations?