Housing costs in Toronto have been soaring for quite some time. Now, the high price of real estate is trickling through to the rental market.
According to the Toronto Real Estate Board (TREB), 2017 is showing huge leaps in rent over 2016. While renter demand in the Greater Toronto Area has continued to climb, the number of available rental units has dwindled. As a result, renters are seeing average rents grow well above current and expected inflation rates.
One- and two-bedroom apartments are especially steep, with average annual rate growths of more than 8%. TREB reveals that the average one-bedroom condominium apartment rent rose by 8.8% year-over-year in the second quarter of 2017, to $1,861 per month. The average two-bedroom rent was up by 8.7%, to $2,533.
Toronto Real Estate Board President Tim Syrianos has commented, ““It is clear that we continue to suffer from a lack of available rental units. The Fair Housing Plan announced by the Government of Ontario committed to measures designed to increase housing supply. Conversely, the Fair Housing Plan also expanded rent controls, which could preclude investment in rental properties, thereby further constricting supply. With different policy components potentially at odds, it will be interesting to see the eventual impact of the Fair Housing Plan on the rental market in the GTA.”
Currently, stiff competition among prospective renters means an increase in rent applications and requests for apartment viewings. For property management firms, that means one thing: It’s time to automate.
Automatic Win: The Online Property Management Solution
With a steady flow of would-be tenants, you need an efficient system in place to be able to manage the increased workload, and ensure quality renters.
By automating the tenant in-cycle, you can process applications and run background checks faster and more reliably. So you can save valuable time and resources while ensuring that all rental units are occupied by trustworthy tenants who will make timely payments.
Property Vista’s cloud-based property management services can help you showcase your available units and speed up the application and credit check process. To learn more about our online solutions, sign up for your free account today or give us a call.