A lack of apartment building construction combined with a glut of new condo construction has given birth to a new kind of landlord who buys one or two condo units and rents them out, the Ottawa Citizen reports.
While rents may barely cover mortgage, tax and other expenses in certain markets, the hope is that the rental income evens things off bit until the unit increases in value.
Fair enough, but are you sure you want to be the one paying the rent? First off, rents for condominium apartments are anywhere from 30% to 40% more than traditional rental apartment buildings -- in the GTA, at least.
You’ll likely get a newer (albeit smaller) unit and, in many cities, you’ll have better access to the downtown core. But tenants who rent a unit in a condominium complex and are used to the standard leases of traditional apartment buildings, may be in for a few surprises.
