The Benefits of Renting

Have you ever thought that you made the right decision to rent instead of owning? Owning a home is something we’ve all probably dreamt about. Society has conditioned us to think that everyone should own a home someday. Homeownership does have its merits, of course, but it depends on the particular market. Sometimes renting can be a better investment than buying. No, you’re not building equity in your home, and yes, you’re technically paying someone else’s mortgage. But in situations where renting a property is cheaper than what the carrying costs of owning that property would be, you’re actually freeing up your money for other things that may be lucrative in the long run.

Now we determined that renting has its perks. But is all ‘renting’ the same?

For example, a condo is a type of private residence in a building or community which is owned by one individual who also acts as a landlord. Apartments are part of buildings containing multiple rental units, and the buildings are managed by a professional property management company just like GWL Realty Advisors Residential.

What option is better for someone who is looking to rent?

Most tenants have the misconception that all renting is the same. While it may be true that a tenant is renting simply because he or she is paying rent, renting in a purpose-built rental building directly from a Property Management Company has its distinct advantages over renting from a condo owner:

  • Security of Tenure provides peace of mind that a resident can remain in their suite for as long as they remain a resident in good standing (i.e. pays their rent on time, and abides by rental rules)
  • No double digit rent hikes that might be experienced with a condo rental, where rent hikes are at the sole discretion of the condo owner
  • Protection against “renovictions” where residents can be asked to leave if a condo owner decides to renovate (or decides to have family members move in)
  • Property staff at their service for quick resolution of any maintenance/service issues
  • A curated community means a safer community, thanks to the qualifying process that renters undergo
  • Access to condo quality amenities without paying the big condo price tag
  • No short-term rental platforms or transient traffic is allowed in a GWL Realty Advisors Residential purpose-built rentals, so tenants can rest easy that their neighbours have all been vetted
  • No condo fees, no down payments, no maintenance fees, no property taxes
  • Better suite finishings can withstand occupant turnover, so suites feature tasteful, durable, longer lasting materials

For additional information on the benefits of renting, check out this article in The National Post written by Lia Grainger.