RESIDENTIAL BUILDING
(All condos are privately owned)
UTILITIES
Tenant responsible for paying electricity. Owner pays gas, water, and trash in their HOA dues.
PETS
No pet rent. Owner asks for a pet deposit which is refundable if no pet damage.
PARKING
Included (if parking space owned with unit, most condos come with at least 1 space)
EXTRA STORAGE
Included (if storage cage/room owned with the unit)
AVAILABILITY
Within 30 days or less.
RENT
May be negotiable if signing a 2 year or longer lease and/or able to occupy the condo immediately minimizing vacancy for the owner. Based on good credit.
SECURITY DEPOSIT
Same as 1 month’s rent
LEASE RENEWAL
Varies. But If a good tenant in place, most times the owner will choose to keep the rental rate the same.
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APARTMENT BUILDING
(All units in the building are rentals)
UTILITIES
Tenant responsible for utilities.
PETS
Most buildings charge a monthly pet rent in addition to the pet security deposit.
PARKING
May cost additional.
EXTRA STORAGE
May cost additional.
AVAILABILITY
More units so sometimes has flexibility if you’re the type who likes to sign a lease 2 months in advance.
RENT
Leasing office may offer a number of weeks free rent based on their occupancy rate and the length of lease you’re signing.
SECURITY DEPOSIT
Leasing office charges a minimal fee to entice you to move in.
LEASE RENEWAL
Rental rate almost always increased at each lease renewal.
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CONCLUSION: If you’re renting while saving money to purchase or trying out the Downtown lifestyle before making a more permanent decision, and you have the funds to cover a higher security deposit, choosing to lease in a residential building is most of the time the most cost effective option.
We will be happy to help you find a place until you’re ready to shop for your future home. And discuss renting vs. buying to help you determine what’s right for you, right now. ')}