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

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.

Editor's Choice:Ontario Just Lowered Its Age Requirement For Booking A Vaccine Appointment Again

"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

More from Narcity

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Loading...