Condos vs. Apartments
Surprisingly, the differences between renting an apartment and renting a condo can vary considerably in Canada. You may be mulling over the rental options or torn between one or the other in preparation of your next move--but what's the difference? Believe it or not, the differences could drastically affect your lifestyle needs. Below, we breakdown the variations between renting a condo and an apartment.
Ownership
The distinguishing feature between condos and apartments is ownership. For condo buildings, all units are sold separately. In turn, nearly every unit in the building will be owned by a different individual or entity. Some owners will choose to live in their condo, but many choose to lease their units to tenants, meaning all of your neighbouring tenants likely have different landlords, different rental rates, varying rules and restrictions, different maintenance concerns, etc. For apartments, the entire building and all units are owned by the same company and for the exclusive use of renting. Each tenant in the building will fall under the same circumstances and policies, more or less.
Maintenance
In a condo building, in-suite maintenance is not typically provided by the building's staff. This means you'll need inform the owner, your landlord, about any maintenance issues occurring in the unit. Depending on the landlord, maintenance and repairs tend to be faster than expected, especially if a property management team is involved. For smaller landlords without property managers, they may not have a trusted network of contractors ready to send out at once, attributing to more delays. However, due to the smaller volume of maintenance requests overall, you may still experience faster response times compared to an apartment unit. Alternatively, apartments will have a designated in-suite maintenance team who is on-site often. Since they are servicing all units in the building though, their time is usually scarce.
Amenities
Condos typically boast greater amenities, and for good reason--the owners' monthly maintenance fees are covering the costs. In most condos, you'll find security staff, a concierge desk, gyms, pools, and even party rooms, to name a few. Condos typically have a board of directors as well, who host meetings to vote and make decisions on amenities and common elements. That being said, apartments are not immune from having amenities, of course. The quality therein, however, may not be as satisfactory as condos because there will tend to be a smaller allocated budget for these expenses. Without a board of directors or association to advocate for the building as well, apartment amenities may more often become outdated or out of service.
Age
Condos tend to be more recently constructed in comparison to apartments. In Toronto, it doesn't take long to notice the ever-increasing amount of condo construction. For age, it's a simple preference between old and modern. Older buildings will tend to have a greater track record of reliability and quality, whereas this can be a gamble for new buildings. If you enjoy modern and higher-end finishes, a condo is the way to go. If you prefer more traditional finishes, enjoy history, or even have an interest in the paranormal, an apartment may interest you more.
Rental Rates
For these reasons, condo rentals tend to be in higher demand than apartment units in large cities, therefore resulting in higher costs. A one bedroom condo unit and a one bedroom apartment unit can differ in average price by nearly $500/month in Toronto. If you're on a budget or don't mind sacrificing amenities, an apartment may be preferrable. Whereas if money is less of a concern and you enjoy living in a one-stop-shop, you'd likely rather opt for the condo.
Conclusion
In the end, it's your preferred lifestyle that makes the difference. Condos will be the right fit if you need your gym steps away, value a more personalized relationship with your landlord, prefer modern touches, and can manage the higher rental rates. Meanwhile, if you don't mind sacrificing amenities and are looking to budget, an apartment is often the better option.
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