Think finding a Toronto Rental is easier than finding a house to buy? Think again! According to an article in The Star I read recently, you’d have a better shot at finding your “soulmate” on match.com!
The article depicted a desperate couple cruising neighbourhoods (in their silver Audi, I might add) looking for apartments or flats to rent…apparently they have not been “schooled” on just how much 1,2 and 3 bedroom units are renting for these days, so expectations are a little out of whack with reality. One young couple was looking to spend no more than $825 a month for a flat in the city. They posted their search with a cute pic of them on line. They got more emails from scam artists looking for money than they did from landlords! Let me help to set them straight!
Just like in the home purchasing market, there is high demand and low supply for a Toronto rental property.
Here are some of the “brutal facts” about rental prices in Q2 2017: This is only for CONDO APARTMENTS
*New Listings down by 3%. Almost 12K units listed and 8600 were snapped up.
*Average rental price for 1 bedroom UP 9% compared to last year($1,861.00)
*Average for 2 beds also UP 9% ($2,533.00)
This is WELL above inflation as you can see. This is why the Ontario government decided to CAP RENTS for all buildings….even those built AFTER 1991. But the UNINTENDED CONSEQUENCE of this act could very well be that there will be FEWER INVESTORS interested in taking on or building rental properties….further impacting the low supply and further aggravating the high demand. Net, net…a Toronto Rental could cost you more because you will have multiple bidding which escalates prices beyond their fair market value. This is already happening, by the way!
As I’ve said in the past, markets work so much better than government intervention. In the meantime, would-be renters will have to ensure they have great credit scores and are “pre-approved” financially, as landlords are getting very picky now!
For all the facts on rentals in Toronto,
GET SCHOOLED HERE: http://bit.ly/2wL2JCi
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.