Rental building or condo?
There is a condo in downtown Toronto where 97% of the units are rented.
That is the highest percentage of renters that I have heard of. Condos
that contain 50 to 80% rental units are becoming the norm.
In the United States, condo corporations are allowed to limit rentals
to no more than 25% of the total residential units. In fact, it can be
hard to get a mortgage in a condo corporation if the number of rentals
exceed 25% of the total units.
Most purchasers don't realize that they are buying their dream home in
what is actually a huge rental building that has hundreds of absentee
That residential condo corporations be separated into two distinct
categories. A Standard Condominium Corporation for owner-occupiers that
has a strict limit on the number of units that can be leased at any one
time and a Rental Condominium Corporation for investors that has no
limit on the number of units that can be leased.