Why Are Young Professionals Drawn to Kingston's Rentals?

Kingston is an oasis for young professionals in search of a balanced lifestyle, but it is equally great for building a career. Here, at Royal York Property Management, we understand that the appeal in the rental market for Kingston is very specific and caters to this energetic demography.

Being rated number one in property management for six years running, Royal York Property Management assures property owners of the ability to relax and diversify their portfolios while professionally managing complexities. Competitive in the Ontario landscape, the property management portfolio is strong and now includes 22,000 properties valued in excess of $10.1 billion in combined assets.

In this blog, we will discuss what will make Kingston an attractive destination for young professionals in 2024.

What does Kingston's current rental market look like?  

The rental market in Kingston is booming with a mix of economic boom, cultural vibrancy, and a quality lifestyle. This attraction of young professionals is because of affordable housing, ample job opportunities, and a very lively community that most young professionals are drawn to Kingston for. A historic vibe characterizes Kingston: an artsy feel that is unmatched. Heritage buildings, museums, and cultural events are placed in a kind of yin-yang setting that merges nostalgia with creativity.

Young professionals find a sense of community in Kingston. The city holds many festivals, markets, and community gatherings throughout the year. The "Active Kingston Framework 2023" encourages involvement with the community through volunteer opportunities and neighborhood improvement projects.

Another reason that this is so in regard to Kingston is its quality of life. It offers a great quality of life because of its picturesque waterfront, parks, and outdoor recreational activities. The city boasts hiking, cycling, and water sports. The expansion of waterfront trails and green spaces greatly improves the quality of life for residents. Moving forward into 2024, these trends are expected to continue as hotspots for renting. Now, let's take a look at the reasons why young professionals rent in Kingston.

Top 5 Reasons Young Professionals Choose Kingston Rentals  

1. Employment Opportunities 

Kingston's economy thrives in a multifaceted array of sectors. Sustainable manufacturing, health innovation, technology, education, the arts, and social services offer diverse job prospects. According to the Kingston Economic Development Corporation, there was a 10% increase in tech-related job openings in 2024, which is very attractive to young professionals who want to take up innovative jobs. With huge investments in these sectors, the growth in the economy has created many opportunities for young professionals.

Presence of Startups and Tech Companies

The rise of startups and tech companies has turned Kingston into a burgeoning city. Young professionals are attracted to the dynamic work environment and career growth potential of these emerging industries. That, coupled with the supportive ecosystem of incubators and accelerators for startups, further improves the appeal of Kingston.

Educational Institutions

Top educational institutes, such as Queen's University and St. Lawrence College, make a home here. Not only does this create a great scope of education, but also creates a very supportive local employment market. Many young professionals arrive in the town for further education and still do not want to leave since the job prospects are great.

2. Lifestyle and Amenities  

This place gets to be quite active in the cultural scene, which greatly attracts young professionals. There are many music festivals, art galleries, theaters, cultural events, and platforms from which young professionals have a means to show their incredible talent.

For example, the annual "40 Under 40" awards will be held in August 2024 and have been held to acknowledge outstanding young professionals as they make a mark on their professions and in the community. These individuals are successful in their careers and mix philanthropy with volunteerism. The outstanding 2024 awards ceremony hailed exceptional achievements in the environmental sustainability, healthcare, and entrepreneurship sectors. This dynamic cultural scene has put forth a life full of activities and enjoyment to be pursued by residents, making it an attractive place to live and work.

Dining and Nightlife

From trendy cafes to some of the finest restaurants to lively pubs and hot, thumping nightclubs, there is a tremendous variety of dining, bar, and nightlife options to suit eclectic tastes and varied preferences. For young professionals, convenience and a wide range of entertainment await.

Outdoor Activities and Recreation

Kingston is a place whose beauty and recreational activities are unmatched. The city boasts a lot of parks, waterfront activities, and recreational sports facilities. From sailing on Lake Ontario to hiking on nearby trails or picnicking in any one of the innumerable parks, there are plenty of ways to be outdoors and active.

3. Affordable Living  

Affordability in comparison with larger cities such as Toronto and Ottawa is one of the major attractions of Kingston. Rental prices are so much lower in this place that a young professional can really have a superior quality of life without the expenses that characterize major metropolitan centers. In 2024, the average vacancy rate for rentals in Kingston plummeted to 2.5%. This shows high demand. The low cost of living in Kingston translates to a higher quality of life. Young professionals can afford a more spacious and good living arrangement, access a lot more amenities, and save more for future investments or leisure.

Housing Options

Kingston is now supplied with a number of modern apartments and condos, catering to every whim of young professionals; the living experience is enhanced by the properties that usually boast amenities like fitness centers, rooftop terraces, and co-working spaces.

Besides, young professionals in Kingston are more and more interested in shared living spaces and co-living arrangements. These setups offer a great opportunity for affordable living, along with the ability to be integrated into the community and have a collaborative lifestyle. Another important criterion for young professionals looking for housing options is the convenience of being close to the workplace and other necessary amenities. Kingston's well-planned urban landscape ensures that people do not have to commute long distances to their workplaces, hence being able to save time and also enjoy good work-life balance.

4. Community and Networking Opportunities

There are a whole range of networking events, meetups, and professional organizations in Kingston that support career development. Such events provide an incredible opportunity for networking and career enhancement. There are several groups and associations in Kingston that aim to support young professionals.

For example, through Kingston's Young Professionals Network, professionals can connect with other peers in various industries at regular events. This leads to collaboration, mentorship, and the sharing of knowledge. The members can get privileged information from successful professionals in the city. It could be a panel discussion, a workshop, or a casual meet-and-greet session—YPN has what you want to help with career development. These organizations provide resources, mentorship, and networking opportunities that will help people excel in their careers and add value to the community as a whole.

Transportation and Connectivity

Kingston public transit is efficient and well-developed, which makes it possible for every resident to move around town effortlessly. This helps professionals get to work fast and thus leaves them ample time for personal pursuits. Of course, young professionals with no love for driving may look out for the availability of reliable public transport. It should include electric buses and expanded routes.

Moreover, the town's bike-friendly infrastructure supports a healthy and eco-friendly lifestyle. With a number of bike lanes and trails, cycling becomes easy and enjoyable to get around the place. Additionally, the location of Kingston between Toronto, Ottawa, and Montreal makes it an ideal base for young professionals who like to travel frequently. Its connectivity to major urban centers enhances its appeal as a place of residence.

Future Developments   

The city has further growth with several upcoming projects and developments. Such initiatives are in the works to make the city's infrastructure better, generate job opportunities, and enrich the quality of life. The two prominent projects are: firstly, the Kingston East Community Centre, which will provide recreational and social space; and secondly, the Third Crossing, the newest bridge over the city, which will reduce the traffic rush between the eastern and western parts of the city.

Continued investments in infrastructure are set to further enhance the appeal of Kingston. Advanced transportation, housing, and public services will drive the growth of the city and make it an even more exciting destination for young professionals. Some of the main investments include the renovation of the Kingston Transit system, the addition of new routes and frequencies, and the refurbishment of the waterfront to create more public spaces and enhance the beauty of the city. Mixed-use developments are also planned for contemporary living spaces to combine commercial and retail amenities for the fast-growing population.

It is, therefore, in the interest of young people looking for an ideal place where they can have employment opportunities, a vibrant lifestyle, affordable living, and community support. With the growth of the city, it will definitely continue to attract more young talent, most of whom look for a balanced and fulfilling life.

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