Condo Rental Market Stats - Downtown, Mimico & SQ1
Hey all,
I had created similar graphs last year and decided to update them today as part of a client exercise. It's no secret that the rental market is pretty heated but the graphs below give you an idea of what it's like.
Disclaimers:
Observations:
The Bloomberg article reports the same – Link
Not intended to turn this into yet another debate on real estate and realtors, just sharing some statistics.
Cheers
I had created similar graphs last year and decided to update them today as part of a client exercise. It's no secret that the rental market is pretty heated but the graphs below give you an idea of what it's like.
Disclaimers:
- This only includes 1BR, 1BR+1 and 2BR since those were the most in-demand condo purchases. This excludes studios or 2BR+1 or greater.
- MLS is the only source used so listings on kijiji, craigslist or other rental websites are excluded which tend to be slightly lower than MLS.
- For SQ1 and Mimico, I selected all listings in condos 0 to 10 years old, for downtown, 0 to 5 years old. This is because – 1) Downtown had a ton of listings and MLS limits the listings to 200 views which would skew the averages and 2) This was a client exercise and they were focused on newer buildings only.
- Downtown listings were more than 200 results for several months but MLS limited the list to the first 200 results so the averages could have been marginally depressed in those months (spring/summer).
- I selected median for the average to avoid anomalies that would skew the results.
Observations:
- Not much negotiation room between asking and leased price.
- Listings are getting leased in less than a week so prospects really don't have much time to think and decide.
- Anecdotally, I'm seeing multiple offers on each rental unit, especially in lower price ranges.
- The new rules have definitely exacerbated the rental market which would've been seasonally hot regardless. I speculate it's mainly due to 1) higher mortgage costs being passed onto the tenants; 2) new housing rules; 3) demand.
The Bloomberg article reports the same – Link
Not intended to turn this into yet another debate on real estate and realtors, just sharing some statistics.
Cheers
Last edited by Clueless Fox on Aug 3rd, 2017 1:10 am, edited 1 time in total.
CPA. Investor. Realtor @ Royal LePage Ignite Realty
