Useful Resources

Condo Vs. Rental Building

Rental Building

Brokers are not necessary when leasing with a rental building because the perspective renter works directly with an in house agent; this in house rental agent is responsible for helping the building’s owners to rent the available units out.

– Pros & Cons

Easier Approval Process: Rental’s lease applications are processed by the rental office (building’s owner representative), therefore the approval can be done quicker. Also, rental’s requirements for a perspective renter can be less than a condos.

Possible Short – Term Commitment: The length of a lease can be negotiable to fit the amount of time desired. (Month – to – month or year lease)

– Cons

Higher Monthly Rent: A renter needs to know that the fee charged to the renter is built into the monthly rent. This proportionally higher rent will stay on to with the renter for the duration of the lease.

Living Environment: Depending on the building management, rental buildings may be more relax at enforcing rules and regulations. The result of the lack of enforcement could cause friction among tenancies as well as  issues on noise level & sanitary conditions.

Condominium Building
– Pros 

Lower Monthly Rent: In comparison with an identical offer in a rental building, the condo owners are more likely to negotiate and decrease the lease’s price. The main reason may be that the owners rely on a broker to help rent the condo unit. This lower monthly rent will stay on with the renter until the renter vacates the apartment. The advantage of this price decrease is more obvious if the renter stays in the unit for over a year.

Living Environment: As the majority of residents being owners they are more likely to be concerned about the well being of the building.  This concern can drive management to be stricter in enforcing building’s rules and regulations.

– Cons

Higher Front End Cost: Owners are more likely to hire a broker to assist them in marketing and real estate help. Usually, the prospective tenant is responsible for associated fees (application fee, credit fee, reference fee and broker’s fee) in order to rent the apartment. Fortunately, these fees are one time charge.



**This writing is solely for reference only **




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