Rental condos: How to choose the right place

Determine your housing budget

As a general rule of thumb, you’ll pay more per month for a condo unit than an apartment in an apartment complex. If you find a place that warms your heart, make sure it works for your wallet first. No matter what your net monthly income, you shouldn't spend more than 25% to 35% on rent. Planning to retire soon, start your pre-retirement transition, or cut back to part-time? Your income may be lower, so plan ahead. Also factor in moving expenses and other incidentals.

But if you can afford it, renting can offer all the benefits of condo living with none of the headaches of condo ownership, like having a mortgage or paying condo fees. Another advantage is that these units are usually in new or renovated buildings with better soundproofing than traditional apartments.

Figure out what you’re looking for in a rental condo

Make a list of your needs and wants, using the points below as a guide. CAA-Quebec’s Residential Advisory Services can also give you targeted advice.

• The location. An awesome apartment in a less-than-desirable neighbourhood won’t make you happy for long. Give some thought to where you really want to live: In a bustling downtown area or a quieter spot in the suburbs? Do you want easy access to shopping, dining, and other services (school, pharmacy, hospital, etc.)? Consider your commute as well: Can you walk to work? Is there public transportation nearby? Take time to scout out the neighbourhood before settling on a location.
• The building. Would you prefer a high-rise or a garden-style complex? Luxury condominiums generally offer tons of practical amenities—concierge service, gym, pool, etc.—but this convenience comes at a price. Smaller buildings are cozier but may start to feel a little cramped. Consider the services offered. Is there an elevator? A charging station for your electric vehicle? Will you have access to green space? An indoor or outdoor parking space? Is it included in the rent? Is there a security guard or access control system? Are pets allowed and are there any restrictions (e.g., on breed or size)? Can you have a grill on the balcony or patio? Take a look around: Is the property well maintained? What are the rules for common areas (curfew, guidelines for visitors, etc.)?
• The unit. Once again, take stock of your needs and wants—like the number of bedrooms, size of the balcony, storage space in the unit and in the building’s storage room, open areas, and work space—before contacting the owner. Pro tip: Tour the condo during the day to get a real feel for the noise level, amount of natural light, and views. Take the opportunity to ask what else the rent includes, like electricity, WiFi, parking, etc.
• The shared spaces. Condo living can come with some great perks—access to services and communal amenities like a pool, deck, fitness room, or clubhouse. Remember to ask if you’ll be allowed to use them as a renter. If so, can you have guests? What are the rules? It’s better to get all the information you can before signing a lease.

Shop around to find the right rental condo

Visit more than one condo—even multiple units in the same building. The middle unit on the second floor may be too gloomy for you, but the corner one on the seventh floor may have just the right amount of light. If this is your first place, what should you look for? Is there a rent-to-own option? Do you want to continue renting or eventually buy a condo unit?

Take out tenant insurance

VWondering if you should have insurance on your rental condo? The answer is YES. Tenant insurance is essential and all too often overlooked. Your stuff will be covered against fire, theft, vandalism, and more—in some cases even if it’s not in your condo at the time (in your car, for example). Plus you’ll be protected if you’re held liable for involuntarily injuring someone or damaging their property. This coverage also kicks in for certain events unrelated to your home—if you accidentally injure a fellow skier on the slopes, for example. As for any other type of insurance, shop around for tenant insurance and get at least three quotes.

Our thanks to Association Coopérative d'Économie Familiale (ACEF) de l'Est de Montréal for writing this post.