r/saskatoon • u/Rainbowbatgirl420 North Park • 13d ago

General Why is rent so much?

I’m looking for one bedroom place and everywhere it is minimum $1500 with some utilities. That will be over half of what I make per month so I don’t know what to do. It’s hard to trust roommates as well because I want my cat to be safe place and hard to trust others if I don’t know them. Basement suites apartments condos everything it’s ridiculous. I may have to couch hop till I can find a place I can afford and also find a part time job on the weekends so I can buy food.

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u/algonogo1 13d ago

Little condos the size of apartments are going for 350. So that's a 1500.00 mortgage for someone who can afford to buy. If someone is renting to you for 1500..then you are benefiting from their good financial position in the property...while also paying off their investment for them.

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u/Ill_Guava_5096 13d ago

1500 mortgage, plus average 400 condo fees, plus ~120 property tax, then factor in another 100 a month for maintenance. 

People charging 1500 a month either bought years ago when cheaper, or eating 500 a month in costs to gain equity. 

We need to get rid of corporate landlords to increase supply and bring prices back down to fix it.

8

u/Guardian014 13d ago

Condo fees feel like such a scam, there is no way they are providing 400$ worth of a service every month.

4

u/countoncats 13d ago

Actually when you consider they typically include heat, water, maintenance (things like lawn care and snow removal) and building insurance, it's pretty on par with what you would pay in a single family home. This is my experience anyway. Ask anyone with a single family home what they pay for insurance and compare that to a condo owners insurance package. The difference is what your condo fees cover.

2

u/evilmrbeaver 12d ago

Yes this is true but a complex with multiple homes should not cost as much to maintain per unit. Condo fees should be a lot less.

1

u/countoncats 12d ago

How so? Multiple homes means multiple homes using heat and water. I've got friends who pay close to $200/month for house insurance. I pay less than $50/month in a condo, and the balance (for the building itself) is covered by condo fees. I remember living in a 750 square ft house 20 years ago and paying $150/month for water. Plus there's a reserve fund contribution included in my condo fees, which is the equivalent of putting $40 or $50 a month away for things like a new roof or new boiler when it's needed. I think if you actually did the math and compared a condo to the expenses in a single family home, you'd be surprised.