Is Barrie a Wise Choice for Investing in Rental Properties Today?

Barrie, Ontario, has been on the radar for many real estate investors as an up-and-coming market. Here at Royal York Property Management, we have had the pleasure of watching firsthand as developments in this city have enhanced the appeal of the rental market.

Royal York Property Management combines great service and expertise to satisfy the needs of landlords, investors, and tenants across the country, making it one of the major property management companies in Ontario. We deal with a vast portfolio of more than 22,000 properties worth over $10.1 billion and grow trust in the real estate area daily.

At Royal York Property Management, we've been watching trends across Barrie, Ontario, and are pleased to share our observations with fellow investors. Whether you are an old pro-landlord or simply dipping your toes in the waters of a rental property, Barrie is full of opportunities. Today, we'll get into whether investing in rental properties in Barrie is a wise choice for landlords in 2024.

Why Barrie?  

Strategically located an hour north of Toronto, Barrie delivers an improbable blend of urban convenience and scenic lakefront living. That has set this unique positioning to continue attracting a diversified population, from young professionals to retirees, all seeking a great location for rental investments.

1. Strong Rental Market  

The growth in population in Barrie has been remarkable. With this much growth, demand for rental properties is on an upward trend. With a diverse population, from families to young professionals to retirees, the city's vibrant community, excellent schools, and an array of recreational amenities keep them coming. As landlords, we especially value the regular flow of potential tenants seeking quality housing.

2. Wide Range of Housing Options  

Barrie also caters to diverse tastes: whether single-family homes, townhouses, or condos, there is something for every taste. At Royal York Property Management, we have managed a variety of different property types and have seen good returns on all.

3. Quality of Life  

Barrie is nestled on the shores of Lake Simcoe, so it presents a picture postcard type setting. The waterfront trails, parks, and cultural events help make for an excellent quality of life. We, as landlords, do acknowledge that happy tenants will tend to stay, hence saving the cost of turnover.

4. Thriving Economy  

Barrie has a growing economy with a large employment base in the health, manufacturing, and technology industries. The stability of the job market will mean reliable tenants, capable of meeting their rent obligations. We have witnessed this firsthand as property managers.

5. Infrastructure Developments  

Recent enhancements to transportation, such as improvements to Highway 400 and expansion to public transit, have made Barrie more accessible. These developments make the city more attractive; this would mean increased property values and rental rates.

What Are the Current Market Trends for Rentals in Barrie?  

Understanding the pulse of the market is very important for making informed investment decisions. Some of these trends that make Barrie's 2024 rental market attractive for investment include:

Rising Rental Demand  

Population growth in the city exceeds the national average, mainly buoyed by its relative affordability compared to the Greater Toronto Area. The population growth then boosts the demand for rental accommodations.

Vacancy Rates and Rental Prices  

Despite an uptick in construction, the vacancy rates in Barrie are rather low, indicating that supply has yet to catch up with demand. That has in turn pushed rental prices upward, gradually, and this is a good sign for returns on investment.

How Do Tenant Demographics Influence Rental Investments in Barrie? 

In Barrie, changing tenant demographics have changed the kinds of properties in demand, and the amenities that are most valued.

Young Families and Professionals   

Demand has been observed for young professionals and families. These groups often look for modern facilities, properties near schools, and easy access to Toronto. Therefore, that would be one of the most attractive features of the rentals.

Aging Population  

Barrie also attracts retirees who are ready to downsize. Properties that have accessibility features and are close to healthcare facilities are in growing demand among this demographic.

Things Landlords Must Consider Before Investing in Barrie's Rental Properties?

1. Property Condition  

Invest wisely in properties that are in good condition. Regular maintenance keeps the tenants satisfied and saves the landlord from property devaluation. Our team will thoroughly carry out property inspections to ensure that defects are identified in time for any repairs.

2. Desirable Neighborhoods  

Location, location, location: Target properties within demand-packed neighborhoods, such as Innis Shore, Holly, Allandale, and Queens Park. They offer convenience, amenities, and strong rental demand.

3. Reasonable Price  

Though Barrie is a competitive real estate market, there is still a level of affordability present. We analyze market data to find the gems that will most align with an investor's budget.

4. Property Size and Rooms  

Bigger properties with many rooms command a higher rent. Remember the needs of prospective tenants: families will need more space; young professionals might be happy with compact units.

5. Renovation Potential  

Properties that require renovations can be excellent investments if you’re willing to put in the effort.

6. Professional Property Management  

A professional property management company like Royal York Property Management can alleviate much of the complexity involved in property management. From tenant placement to maintenance, assuring compliance with provincial and local regulations, our service enables landlords to maximize their investment while minimizing daily property management demands.

Where to Buy in Barrie

Innis Shore  

The area features townhouses and condos, offering the best of both worlds: proximity to amenities in downtown and waterfront trails. It is a favorite area for families and professionals.

Holly  

Holly combines easy access to public transportation, schools, shops, and restaurants. As property managers, we appreciate the conveniences Holly provides to our tenants.

Allandale  

Centrally located Allandale boasts new developments and excellent transportation services. The area is primed to grow and is therefore a very attractive investment spot.

Queens Park  

Queen's Park is a balance between historic appeal and modern attractions. Its beautiful views and proximity to downtown make it one of the most desired rental areas.

Properties for rentals in Barrie are a good investment in 2024, considering the solid economic fundamentals and growing need for housing. From a landlord perspective, wanting to expand the portfolios or for those entering the rental market, Barrie presents an opportunity.

Are you looking forward to investing in rental properties in Barrie, or do you seek professional advice on the management of your existing properties? Contact Royal York Property Management today. We have a professional team ready to guide you through the world of rentals with professional expertise and local knowledge to ensure a hassle-free, profitable investment.

For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca