When looking for a condo to rent in Toronto or the GTA, you may notice that two similar units in the same area can have very different asking rents. One may be in a brand-new building, while another is 15 or 20 years old.
So, does a newer condo always mean higher rent - and is it worth paying more?
Newer Condos Usually Feel More Modern
Newer buildings often have more contemporary kitchens and bathrooms, newer appliances, modern common areas, and amenities such as gyms, lounges, co-working spaces, and newer security systems.
For tenants who care about finishes and the overall building experience, paying a little more for a newer condo may make sense.
But there is a trade-off: newer condos are often smaller.
An older one-bedroom may offer significantly more living space than a newer one-bedroom in the same neighbourhood. So even if the older unit is slightly dated, you may actually be getting more space for your money.
Older Condos Can Still Be Great Rentals
Building age doesn't necessarily tell you the condition of the unit.
An older condo that has been renovated and well maintained can offer a very different experience from an older unit with its original kitchen, flooring and bathrooms.
Older buildings may also offer larger bedrooms, more storage, better-sized living rooms, and more practical layouts.
For renters, it is often better to compare size, condition and layout rather than simply comparing the age of the buildings.
Why Can Older Buildings Still Be Expensive?
There is another factor tenants may not immediately see: condo fees.
Condo fees are generally paid by the owner, not the tenant. But as buildings age, elevators, windows, roofs, plumbing, garages and other common elements may require more maintenance and repairs.
This can contribute to higher condo fees and higher ownership costs.
While tenants don't normally pay these fees directly, the landlord's overall carrying costs can influence the rent they are willing or able to accept.
So an older building doesn't automatically mean a much cheaper rental.
What Should Renters Compare?
Instead of simply asking, “Which building is newer?”, look at what you are actually getting for your monthly rent: the unit's size and layout, interior condition, parking and locker, utilities included, building amenities, location and transit access.
A newer 500 sq. ft. condo may look more modern, while an older 700 sq. ft. condo at a similar rent could offer significantly more usable space.
For renters, newer isn't always better — and older doesn't always mean cheaper. The best choice is the condo that gives you the right combination of location, space, condition and monthly cost.
