Toronto Real Estate Is Getting So Intense There Are Now 'Bidding Wars' For Rentals

People are paying hundreds more per month for one-bedrooms. 😬
Toronto Real Estate Is Getting So Intense There Are Now 'Bidding Wars' For Rentals
FourFour | Unsplash
Staff Writer

Despite rent prices plummeting in the city during the pandemic, new competition for value in Toronto's rental market is driving prices up for certain listings.

Strata real estate agent Francisco Hiebert told Narcity "strong competition for desirable units" has caused bidding wars among tenants who are "waiting out the current buying frenzy" by renting.

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"Tenants are taking advantage of the lower prices," and are even submitting offers over the asking price, said Hiebert, particularly for spacious units with balconies and nature nearby. 

"I would never ask a client to do that, but many are volunteering," Hiebert said. "Seeing multiple offers on rentals is becoming more common, thanks to increased demand and a decline in inventory."

For example, an Upper Beaches one-bedroom with a den is now being rented for $300 more than it was originally listed at. The same goes for this two-bedroom unit in Markham. 

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  • Cormac O'Brien
    Cormac O'Brien was an Associate Editor at Narcity Canada, covering all things exciting and trending about Canada. He has a Bachelor of Fine Arts in Creative Writing and Journalism from the University of Victoria, where he served as the Editor-in-Chief of the campus newspaper and was awarded the BCYNA Community News Scholarship for his writing. He was also the producer and co-host of Now On Narcity, Narcity's flagship podcast.

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