HELPING YOU FIND YOUR WAY HOMEWARD
TYPES OF RENTAL ACCOMMODATION
There are many different types of rental housing available in Toronto. The most common are:
Apartments – Property management companies are the typical renters of large-scale apartment buildings. Toronto apartment buildings vary in condition…from newer and/or renovated buildings to much older buildings that are in very poor condition. Most of the apartment rental accommodation tends to be older but in reasonable condition. The benefits of living in these buildings are that they’re well maintained, a superintendent lives in the building (or is readily available) so any problems are resolved fairly quickly, you’ll have your choice of location around the city and these buildings fit all budgets. Apartments usually have a mix of bachelor, one bedroom and two bedroom units and usually have parking spaces available for an extra cost. A website that is primarily for management-run buildings is www.viewit.ca.
Condominiums – Condominiums are typically owned by an individual or investor. In general, they tend to be in much better condition and, as a result, are more expensive than apartments. Condominiums have the same range of sizing as apartments and are most often found in high-rise buildings. There are also condominiums in smaller ‘boutique’ buildings but they usually are even more expensive. High-end condominiums often will have security guards – something rarely seen in even higher-end apartments. As condominium owners are usually individuals or absentee-investors, the response to problems can vary. Some condominiums will have parking included in the rental cost – a difference from many apartments. The Toronto Multiple Listing Service (MLS) used by your realtor will have a very good selection of rental condominiums.
Houses – As you move further out from the downtown area, houses may be a considerable rental option. They can vary from simply renting a room or floor to renting an entire house. If you’re looking for character and want to live as part of neighbourhood, this might be your best option. Like condominiums, houses are owned by an individual or investor so the condition can vary along with the response to any problems and questions. Many of the cheapest rental options in an area, especially in prime areas are basement apartments in houses. The Toronto Multiple Listing Service (MLS) used by your realtor will have a very good selection of rental houses.
Co-operative Housing – Co-op housing is member-controlled housing. The members who live in a co-op are the ones responsible for running that co-op. Each member has a vote and every year members elect a Board of Directors from the membership. There are a lot of housing co-ops but they are not as popular as condominiums in Toronto. A co-op can vary from a small- or medium-size apartment building to something like a townhouse complex. Co-ops can also provide affordable housing for people with moderate incomes as many have the rental cost tied in with the renters income. The usually is a very long waiting list to get into co-op housing.
Student Housing – For students, campus residences are often a good (and affordable) alternative. This type of accommodation offers many conveniences for students including furnished premises, proximity to campus, inexpensive rent, cafeteria facilities as well as easy access to other university amenities and services. Most university campuses have associated residences. Information on this type of accommodation can generally be found by contacting the university's Student Housing Office on campus or on the university’s website. The demand for this type of accommodation often exceeds the availability.
In short,Toronto has a vast array of rental accommodation options! Where you ultimately decide to live is a choice based on the desired location, cost and fit with your lifestyle.