Although Buying and Selling trends have softened since April this year, the reverse has happened with rentals. I have represented many of my investor clients with their rental properties ranging from freehold to condo units and let me tell you – across the board it is on fire! My most recent experience this month was that of a freehold home in Oakville and a 1bed + Den condo unit in Liberty Village. Both commanded multiple offers within a matter of hours and had double digit showings within a day. Not to mention my phone was literally off the hook from agents wanting to know if the unit was still even available and what there prospects looked like.
This has proven fruitful to landlords, however it has been challenging to say the least for prospective tenants looking to return to the city for work and/or school. With the introduction of multiple offers on rental units, we have seen upward pressure on prices also.
I would imagine the competitive nature of the rental market is here to stay for the near future, although we may see a slight softening once school starts in Sept. Watching this trend as we are experiencing pricing adjustments on the home value side will be interesting and I will be keeping a close eye on trends; and as always will keep you abreast of my experiences on the ground.