Renting a condominium can be similar to renting an apartment, in that the community’s rules must be followed and the rent must be paid on time. Otherwise, when renting a condo, there are many things that the landlord and the tenant should be aware of, including the Residential Tenancies Act, 2006 (RTA), the Condominium Act, 1998 and the Rental Fairness Act, 2017.
Renting out a condo unit is a huge responsibility. Not only must you ensure that your tenant is knowledgeable about the community’s rules, but you are should also be aware your rights and responsibilities as a landlord.
When it comes to renting, the big difference between a condo and an apartment is ownership and governance. As a condominium tenant, it is important to be knowledgeable of your rights and responsibilities.