Condo Rental Question(s)

[james t kirk]

I have a friend who wants to move to T.O.

She wants to rent a condo and has asked me how to go about looking, where to look, how much it costs, etc.

I have no idea.

Any advice would be appreciated. She wants a 2 bedroom condo in a cool inner city neighbourhood. (I know the city, I just don't really know condos). 2 bedrooms, ensuite, closets, nice kitchen, high ceilings, loft style I suppose.


Questions:

1. Where do one look for Condo Rentals? On-line, but where?

2. Roughly, what's the going rate to rent such a condo per month?

3. Does a renter need to pay the condo fees on top as well, or typically are they rolled into the rental agreement?

4. What are some things to look out for in a typical rental agreement?

 

[fmahovalich]

Hire a real estate agent....costs nothing to the person looking.

 

[james t kirk]

Not interested in hiring any agent at this time - ditto to the guys PM'ing me.

I'm just looking for answers to those questions above right now thanks.

 

[Honeybeeisfree]

Not interested in hiring any agent at this time - ditto to the guys PM'ing me.

I'm just looking for answers to those questions above right now thanks.

http://viewit.ca

 

[Jennifer_]

Questions:

1. Where do one look for Condo Rentals? On-line, but where? viewit.ca, mls, kijiji, and even Craigslist has higher-end listings.

2. Roughly, what's the going rate to rent such a condo per month?
it really depends on the neighborhood - likely 1800 - 2500. I pay $1650 for a 1 bedroom plus small den in the heart of it all...

3. Does a renter need to pay the condo fees on top as well, or typically are they rolled into the rental agreement? not usually - utilities and cable may or may not be included. She will likely have to rent parking separately. It`s $160 a month in my building. I rent a spot for $120 from a private owner. I don't drive but like to have a spot for my friends to park. Most buildings have storage lockers that can be rented privately as well if it`s not included with her unit.

4. What are some things to look out for in a typical rental agreement? Id take a look at the Ontario Residential Tenancy act first to get to know the tennant`s rights. Some things in leases are void even if she signs to it (ie. no pet clauses are void except for certain situations).

 

[Anynym]

Please be aware that a Condo is a type of ownership, not a type of building.

What your friend is looking to rent is an apartment.

A condo is a type of ownership in which multiple owners own real estate in common, with each owner having exclusive use of some section of the real estate (e.g. their rowhouse unit, or their apartment) and permitted access to common elements. It is contrasted with a freehold ownership in which one owner has exclusive ownership over a property.

Using correct terminology helps everyone to communicate.

 

[richaceg]

most reliable website IMO is mls.ca.

 

[KBear]

most reliable website IMO is mls.ca.

+1

Good resource to get a feel for the price and location information.

 

[elassowipo1]

I believe the going rate for a luxury rental downtown is somewhere in the range of $30/sq meter/month.

 

[KBear]

3. Does a renter need to pay the condo fees on top as well, or typically are they rolled into the rental agreement?

4. What are some things to look out for in a typical rental agreement?

3. Condo fees are generally included in the rent. Utilities and some other expenses could be extra like, Heat, hydro, water/tank rental, parking, keys and fobs, cable, elevator booking for the move.

4. Some scams where people rent out a vacant property to dozens of people, collect first and last months rent, and then disappear. The all in cost as noted above. Pets if she has one to worry about.

 

[Money$hot]

padmapper.com

 

[Despo]

+1

Good resource to get a feel for the price and location information.

yeah but don't hire a realtor even though they pay for it and until recently(thanks to Melanie Aitkens Lord Goddess of fair competition) provided reliable information also as a bonus may protect your rights that would just make sense ....not like your dumb questions 2,3,4

 

[AudreyK]

Please be aware that a Condo is a type of ownership, not a type of building.

What your friend is looking to rent is an apartment.

A condo is a type of ownership in which multiple owners own real estate in common, with each owner having exclusive use of some section of the real estate (e.g. their rowhouse unit, or their apartment) and permitted access to common elements. It is contrasted with a freehold ownership in which one owner has exclusive ownership over a property.

Using correct terminology helps everyone to communicate.

uhhhh pretty sure we all know what a person means when they say "condo" and it has nothing to do with ownership. If someone says they want to live in a condo, I know right away not to direct them towards an "apartment" as that is not a "condo."

Also to add to what KBear said - on CL especially, there are a TON of folks who advertise these types of scams. They will advertise a place that looks amazing but when you email for more info they give you a "I'm out of the country and so I can't show you the aprtment but feel free to go by and peek in the windows"!!! Not even kidding. Then they said "just wire us the 1st and last and we'll mail you the keys and paperwork." WHAT???? What's scary is there are probably people dumb enough to fall for this or people like your friend who just don't know how to rent a place. So never, ever, ever send money or rent a place without seeing it in person.

That being said, CL does have many great places to rent. I found my place on CL. But had to filter out the scams.

 

[babyfinsta]

Questions:

1. Where do one look for Condo Rentals? On-line, but where?
go to MLS
2. Roughly, what's the going rate to rent such a condo per month?
Downtown monthly average rent for new 'condos' is currently $2.11/SF.
3. Does a renter need to pay the condo fees on top as well, or typically are they rolled into the rental agreement?
condo fees are always rolled into rent.