4 ms·
Nothing wrong with renting, so long as you can sublet it, and you have rent control. Consider it an investment without all of the capital cost expenditures tha
by voidmain0001 7y ago
Nothing wrong with renting, so long as you can sublet it, and you have rent control. Consider it an investment without all of the capital cost expenditures that come with a ownership. I have a coworker whose family member rented a one bdrm condo in downtown Toronto 20 years ago when she was attending university. When she left univ, she sublet it to another family member, and so on, and so on through the years. Thanks to rent control the rent has only increased a few hundred dollars over those twenty years. However, the she sublets it at current rental market value which pockets her $1000/month. Nice!
- dasil003 7y agoOh, is that all you need? Just a cheap rent controlled apartment you picked up twenty years ago with a sublet clause?! I’ve been doing it all wrong
- refurb 7y agoThat's great! Your coworker's family member is breaking the law! You can't sublet for more than the rent controlled rent.
- voidmain0001 7y agoIt's not illegal in Toronto. https://www.thestar.com/business/real_estate/2011/02/12/the_ins_and_outs_of_subletting.html https://www.thestar.com/business/real_estate/2011/02/12/the_... My mistake. Sublet rental amount cannot be > leased rental amount. I didn't know that. Good to know. Does the landlord have recourse if this can be proved? I'm surrounded by law-breakers then. https://www.kijiji.ca/b-short-term-rental/gta-greater-toronto-area/sublet/k0c42l1700272 https://www.kijiji.ca/b-short-term-rental/gta-greater-toront...
- refurb 7y agoAt least in SF, if you're caught doing it, you get the pleasant task of repaying all the excess payments back to the subletter. It's rampant here in SF as well. I know a few folks who are getting 2-3x their total rent payment by renting out a couple rooms.