What Condo Style Has the Most Appeal for the Rental Market?
Finding the right type of condo to purchase as an investment property means two key things: successfully finding good quality tenants and ensuring a return on that investment. There are a variety of condo styles to choose from, each with its own unique set of merits; all of which suit certain types of renters.
Here, we’ll explore these styles and how they can help you achieve your investment goals.
High-Rise Buildings Attract a Wide Variety of Tenants
Normally located in urban centres, high-rise buildings are structures with more than six floors and can contain hundreds of apartment-style units. This style of condo is likely the most condensed of all, with the greatest number of units per property.
However, those that choose to live in a high-rise condo do so for the unique lifestyle it offers. These buildings typically offer amenities such as fitness centres, gathering spaces, underground parking, and added security features.
Another benefit of a high-rise condo? There’s usually on-site management available, saving you the trouble of hiring a separate entity to take care of any issues.
This type of property attracts young professionals, couples without children—or older couples whose children are grown, and those who prefer to live in the proximity of urban amenities such as restaurants, shopping, and entertainment. High-rise buildings will also attract those who prefer to travel. This type of condo building gives those with wanderlust the freedom of a lock-and-leave lifestyle.
A low-rise condo typically has between two and six floors of units and is a quieter setting compared to the hustle and bustle of the urban core. This type of condo is usually located in proximity to shopping centres or on the outskirts of a suburban neighbourhood, and may not offer the same kind of property amenities as a high-rise condo would.
Condo fees will be lower in a low-rise building than a high-rise, as there are fewer amenities to cover, and parking is typically an outdoor open lot. One benefit to this type of property is that it’s usually in closer proximity to parks and greenspace.
This building may or may not have a property manager in place, so it is worth exploring whether you’ll need to hire your own maintenance team or if you’re willing to tackle issues on your own. This type of property will attract younger tenants perhaps looking for their first rental, as well as small families and retirees.
Townhome Style Condos Are Great For Families
A townhouse condo property is more like a single-family home, with one or two shared walls. They’re typically two-storey homes and offer an attached yard dedicated to each unit. This is a great option for young families or renters who prefer a property with a yard that doesn’t have the same price tag as renting a single-family home.
Townhouses are usually located in quiet neighbourhoods, close to schools and parks, and are more likely to allow pets. For these reasons, a condo of this style will attract more families, young couples, and downsizers.
This type of property may or may not have an existing management company in place, so this is something to consider when assessing associated costs.
Private And Gated Condo Communities Appeal to Older Renters
This type of property is the closest style to a single-family home. Gated communities can consist of a collection of single-family homes or townhouses but are more often luxury duplexes. Residents of a gated community typically share common areas and on-site amenities but enjoy the privacy of a quiet home with one or two shared walls, if any.
This type of property attracts mature families and downsizers and can typically yield a higher rental value than other condo styles. Each unit may or may not have a private yard attached in the rear, and will usually have front yards that are maintained by condo management.
There are many unique benefits to each style of condo, and each style will be attractive to different people in the rental market. Depending on your investment goals and the type of renters you would prefer to work with, choosing the right type of condo to fit your investment strategy can make all the difference. Get in touch with us today to see if a brand-new condo in Symphony Tower is the right choice for your next investment property.