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Because of the scarcity of available rental units, developers have recognized an opportunity to capitalize on this underserved market. In 2015, there were already 23 apartment buildings, or 6,500 units, under construction. In the last quarter of 2015, developers have set their sights on building another 43 buildings, translating into 10,000 more units.
On the surface, it appears that renters are in a tough spot. In cities like Toronto with very low-vacancy rates, available units seem few and far between. In 2014, the vacancy rate fell to as low as 1.3 per cent, making that squeeze even tighter. For a long time however, the condo rental market has been helping to meet the needs of renters looking for a place to call home where the supply of apartments has fallen short.
To cater to renters’ differing wants and needs, property management company TorontoRentals.com has created a helpful all-in-one infographic outlining key criteria to help renters make a more informed decision.
• Toronto – $1.201/mo
• Mississauga – $1,149
• Markham – $1,077
• Richmond Hill – $1,150
• Oakville – $1,124
• Vaughan – $1,081
• Pickering/Ajax – $900
• Brampton – $1,041
By comparing rental prices, transportation options and costs and tenant income, renters can approximate where they might find the best value for their money.
With more rental units on the horizon, renters will soon have even better options. This means a shift in marketing strategies by property managers to attract the right tenants. Why should a tenant want to rent from you versus your competitor? What information and services can you offer to sweeten the deal to drive more demand for your properties? More importantly, how will you present your information?
Tenants who drive want to know how easily and quickly they can come and go.
Stand out above the crowd
Different kinds of units come with their own benefits and drawbacks. Highlight the benefits of your properties based on a local market comparison to attract prospective tenants.
The new normal
Ten years ago, pets were a deal-breaker, not many people biked to work and the sharing economy didn’t exist. This is all changing and prospective tenants look for these benefits. Have your properties caught up?
Easy to get around
Knowing what’s nearby can be a major deciding factor when it comes to choosing where to live.
Interest(s): Property Date: March 29, 2016