I mean, you have likely heard it already and if you haven’t and are in tune with the real estate space, then you must be living under a rock! Lease listings are literally on fire. Over the past 3 weeks alone I have represented many of my investor clients with their properties for lease. With the exception of the 2 that are detached homes outside of the City of Toronto, all of them – 7 in total – leased for well over asking and within the first two days on the MLS system.
Although housing sales and listings have slowed, leases have not. It has become increasingly difficult to secure a lease. I personally came across many qualified tenants and prospective leasees that simply could not get a lease because of the lack of availability. As a result, those looking to lease have had no choice but to become more competitive in their offers, offering upwards of a full year of month paid upfront, and sometimes hundreds of dollars over asking for the property.