Earlier this year, Urbanation reported that a total of 9,443 purpose-built rental apartments started construction in 2019, the highest annual total recorded since 1992. This was certainly positive news for tenants all across Ontario, many of whom have struggled with limited rental options prior to the pandemic. Nevertheless, many people in Toronto are still unfamiliar with purpose-built rentals. More commonly called “apartments,” this stock of housing sometimes gets a bad rap — tired, smelly, infested, a place for highly active youngsters. Condos, on the other hand, seem to be the default housing stock for renters in Toronto, being the primary source of new rental supply in Ontario for the past two decades. But have you ever had:
- Your laundry breaks down, only to have the landlord tell you he/she can’t get to you in a timely manner for whatever excuse?
- Have you experienced yourself or heard about others who have been served “N12” and evicted because the landlord falsely and suddenly decided to claim the unit for a family member?
- A landlord who refused to adapt to the times and insisted you put up cheques for rent payments?
Considering these select issues, perhaps living in a purpose-built rental could offer some convenient advantages for a renter like you!
No more unresponsive landlords
If you’ve experienced dealing with landlords who you may have never even met — claiming to live overseas or out of town — you would instantly come to appreciate a professionally managed rental property. Most apartments in Ontario actually come with dedicated on-site property managers and superintendents for assistance.
Although not all property managers are the same, many apartments offer the following:
- Different rent payment methods: although some landlords are accepting payments by e-transfer these days, believe it or not, post-dated cheques are still popular among landlords. Along with that, many landlords want the bank draft or a certified cheque for deposits, which will cost you a trip to the bank and extra fees. Fortunately, purpose-built rental companies already offer different payment options, such as pre-authorized debit and credit card payments — why not get some travel points or cash-back when you’re already paying $2,500 in rent?
- Professional approach to maintenance: the last thing you want when your heater isn’t working in the middle of the Canadian winter is an unresponsive landlord who happens to live in a different time zone. Purpose-built rental companies often have online resident portals or even a mobile app to which tenants can submit maintenance requests and raise other issues. They also have on-site staff, along with a network of vetted vendors and contractors to resolve your issues, rather than a landlord winging the repair on his own.
Misunderstood Quality
It seems that quite a few people associate purpose-built rentals as “old” and condos as “new.” There are many purpose-built rentals that are on par, and even better, than many condo buildings you’ll find on the market. Check out these purpose-built rentals and some of their included amenities:
- The Selby: Private Off-Leash Dog Park, Pet Spa with Grooming Area, On-Site Bistro, Bar and Lounge — Maison Selby by Oliver and Bonacini, Wet and Dry Sauna, Deluge Showers and Meditation Area, and more
- eCentral: 4,200 sq.ft. Rooftop Fitness Centre, Rooftop Lounge with Outdoor Fireplace, Spa Treatment Room, Private Study Lounge, and more
- The Montgomery: Resident Dining Rooms, Saltwater Outdoor Pool, Massage Treatment Rooms, and more
- Two St. Thomas: Professionally Curated Original Art Collection, Electric Car Charging Stations, Rooftop Terrace, In-house Pet Spa, and more
- E18HTEEN: Outdoor, Snow-Free Dog Run, Indoor Pool, Cowork studio with Conference Room, Zen Garden and more
It’s like living in a hotel, but longer and cheaper!
Also, when purpose-built rental owners invest in renovations, they’re thinking of long-term. Whether you put the blame on condo developers or landlords for not investing in quality renovations, there’s a high chance that you’ll come across a poorly installed cabinet, cheap appliances or broken window blinds when you live in these individually-owned units as not everyone thinks on a long-term basis. Purpose-built rental owners generally operate on a long-term basis, and with this mindset, they’re going to make necessary investments into the property that will last through many tenancies.
Misunderstood Character
Apartment buildings come in all shapes and sizes. True, there are also quite a few tired-looking apartment buildings out there, but there are always advantages to any downside. A unit in an older stock building, for example, will likely give you more floor space and at a lower cost to a newer stock unit. Newer purpose-built rental buildings, on the other hand, often have communal amenities baked into the design, making their market pricing highly competitive compared to new condo units. Many apartment buildings are also in vibrant communities or neighbourhoods that have themselves aged with character — such as Dundas Square, Yorkville and Midtown — which can be a huge bonus.
Community, as we have seen with the recent pandemic, can make all the difference. Some people complain about late night parties in their apartments, but you’re just as likely to hear people say they enjoy their apartment lifestyle particularly for the open and lively atmosphere. Unlike some condos, where the only times you talk to your neighbours is waiting in line for the elevator, many purpose-built rental buildings also host resident events, ranging from building birthday anniversary parties to impromptu music concerts in lobbies to community tree planting. And when you step into the open house or on your move-in day, you might even see your fridge full of goodies.
Peace of Mind!
Most apartments have on-site property managers or superintendents who improve the general security of the building complex. Unlike condo concierges — who have high turnovers — these managers get to know the residents of their building over the years. Apartment managers also have a standard, and often more comprehensive tenant screening process than mom-and-pop landlords, ensuring that each resident is fully vetted before moving into the building.
But beyond the physical security, a huge benefit of living in an apartment in Ontario is that you don’t have to worry about the security of a tenure. Private condo owners have the right to evict tenants at any time for renovations or if they or a family member want to move in — otherwise known as “N12: Notice to End your Tenancy Because the Landlord, a Purchaser or a Family Member Requires the Rental Unit.” Although the Province is imposing harsher penalties for those that dishonestly apply for this form, the truth is that many renters, such as new immigrants and young tenants, are not well versed with their rights and may leave even if the private landlords won’t go through the proper channels. Fortunately for those that live in purpose-built rentals, they don’t need to worry about this.
Sweet Deals
Many rental markets in Toronto have been impacted by the pandemic, and we’re seeing sweet deals offered by apartment managers like never before. Check out these deals:
- “1-month mont rent free on a 13-month lease!”
- “$200 gift card if you sign lease on spot!”
- “Whole year of free internet!”
As a corporation with higher budget and experienced landlords, these purpose-built rental owners could offer you different kinds of sweet incentives that many small-time landlords cannot afford. Next time you’re visiting an apartment, ask them what they’re offering and you might be able to get a really good deal, especially during these strange times. You might as well make something good come out of the pandemic. After all, this is your home, and you’re here to stay.
If you’re interested in learning more about purpose-built rentals and their available units, please visit our website or call us at (647) 250–7371. We’ll be happy to help you find your next home!
