Owning a Condo vs an Apartment: What to Expect as a Landlord | Property Management Company Etobicoke

Renting in Toronto has some certain guidelines to follow and without having proper knowledge it’s a huge step to rent out your property as a landlord.  Whether you own a condo or an apartment, finding out an eligible tenant is the hardest of all. These two types of ownerships are also different in many ways. 

Landlords in Toronto need to go through a lot of hassles while looking for a great rente. The process involves advertising the condo or apartment, pricing, showing it to the keen renters and what not! The best way to get the process systematically done with the assistance of a trusted property manager.  Mareka Properties is one of the best property management companies in Etobicoke providing rental management services in the GTA. 

The relationship between tenants and landlords across Ontario is administered by the  Residential Tenancy Act,(RTA) applied by the government of Ontario. Now, here are a few things you need to get familiar with before subletting your place.

 

How to rent out your condo in Toronto?

Are you thinking of subletting your spare condo? Well, before you do so, there are some legal rules to delve into. 

  • Under the Condominium Act, 1998, landlords need to make sure that their tenants have a copy of condo rules. 
  • Also, property owners have to ensure that their renters are maintaining the condo rules.
  • As a condo owner, you also need to be aware of the rental rules by the condominium corporation including lease terms and other obligations
  • Condo landlords can decide whether to include parking space/lockers on the lease agreement or not!
  • The rent is always based on the market price, so you might be eligible for a higher amount of rent from your tenant. 

 

How to rent out your apartment in Toronto?

Renting out an apartment may seem like more or less similar to subletting a condo, but there are some distinctions you need to know. 

  • If you are paying a mortgage for your apartment, make sure to notify the debt company before renting out the property.
  • Have a legal lease that specifies the tenancy term, details of the tenant, late fees, repairs and maintenance, etc.
  • As an apartment owner, you have the right to visit your property to check on repair and maintenance issues with a 24 hrs notice. 
  • You can increase the rent of your apartment every 12 months by following the Consumer Price Index (CPI).
  • Your tenants are required to give you notice prior to 60 days before moving out. 

 

Ready to sublet your property in Toronto?

Becoming a landlord in Toronto can be a great way to earn excellent revenue. However, you need to know the right rental management tricks to bag a good renter as well as a satisfactory amount as your property rent. 

If you’re considering renting out your spare condo or apartment, we can be your rental management adviser and assist you in finding some of the best tenants in town. Drop us a line to resolve all your renting related queries!

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