Tyler Cheese - CBC News
Nov 15, 2021
'Dramatic resurgence' in Toronto rental market leaves apartment hunters scrambling
The Toronto Regional Real Estate Board (TRREB) reported a 15 per cent increase in apartments rented from last year in their third-quarter report, released on Oct. 29.
"We've actually seen market conditions tighten up again," said TRREB chief market analyst, Jason Mercer. "Whereas rental transactions on a year to year basis were up … in comparison to last year, the number of properties actually available was down by a third."
The TRREB report suggests this is a trend that will continue for at least the next few years, stating, "We have seen a dramatic resurgence in rental demand this year. This demand will be augmented in 2022 and 2023 by record levels of immigration. Unfortunately, the supply of rentals is not keeping pace."
Shawn Zigelstein, a broker with Royal LePage Your Community Realty, said this low inventory of rental units allows landlords to be picky.
"They're going to look for A-plus tenants with credit that is absolutely perfect. They're going to look for great jobs and … fantastic references, as well as income coming in on a regular basis," he said.
Shawn Zigelstein, a broker with Royal LePage Your Community Realty, says the city’s current market allows landlords to be choosy.
"I had one landlord ask us if they could go to the tenant's place of work and talk to their manager," he said.
And he has heard of landlords wanting to tour a tenant's current home to evaluate how they live.
This power dynamic is likely to continue until more rental inventory becomes available, said Zigelstein.
Original article here.
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