It is no surprise to any of Toronto’s 2.8 million residents that Toronto has held onto its title of “Canada’s Most Expensive City to Rent In” in 2019. What is surprising, however, is that there has never been a better time to own a rental property in the GTA. With a booming population and a vacancy rate of only around 1.3%, the rental market in Toronto is hot right now.
What’s the market looking like?
There is estimated to be about 524,645 rental households in Toronto today. For many young people, owning a home in today’s market simply is not an option. This means that more and more people are turning to rentals in their search for housing. According to the Toronto Real Estate Board (TREB) the Greater Toronto Area REALTORS® reported 10,800 condominium apartment rentals in the third quarter of 2019 alone.
The average cost of renting a one-bedroom unit in the city is currently sitting at approximately $2,314, and despite fears that the high rental cost would drive young people away from the city and create what was described as a “generational ghost town”, people can’t seem to stay away. According to, for every person within the 20-34 age range who moves away from Toronto, seven people within that age range replace them.
Why choose property management?
With so many people in search of a rental unit, it may seem that landlords have their pick of the lot when it comes to choosing a tenant, but how do you know that a tenant is the quality you are after? You need to feel confident that the tenants you rent to reach the highest possible standard – that is where a property management firm like Royal York comes in. By trusting your property to Royal York, you can ensure that you secure AAA long-term tenants, guarantee your rent will be paid and cut out the hassle of dealing with maintenance, cleaning, and legal issues yourself. It is a sure way to capitalize on the market that we’ve had in 2019 and take your investments to the next level without having to put in the additional effort.
If you are interested in strengthening your investments and ensuring that your properties always have the best tenants, call Royal York Property Management today at 416-508-5288 or email in[email protected]. Our expert team is ready and committed to helping you make the most of your properties.