Toronto's Rental Market Is Getting Ridiculous But Here's How To Snag Your Dream Apartment
"A matter of an hour or two can make a difference," one expert says.
If you're looking for a place to rent in Toronto, you may want to act fast because it's a hot market right now.
A recent report released by the Toronto Regional Real Estate Board revealed the strong rental demand in the city, which showed that July 2021 saw more than double the amount of leased rental apartments than the same time last year.
Bidding wars for rental apartments are also becoming more commonplace in the 6ix, further adding to the obstacles to trying to score your dream apartment.
Narcity spoke to Cyrus Ghazvini, a real estate agent with Strata, in order to find out more about the ridiculous rental rush and how Torontonians can navigate it.
"There's three main populations that are going to drive rentals up. One of them [is] international tourists, as the borders start opening up, Airbnbs are going to start popping up, and that's going to wane supply down," Ghazvini said.
"Then, the student market is coming in as well, and the third group of people are the people that are returning back into the city who left it originally in the pandemic and want to come back to normality."
How to land your dream Toronto apartment
According to Ghazvini, July and August in the rental market is the most competitive time of the year for anyone looking for a place to rent and demand tends to wane in September before stabilizing again in October.
When it comes to snagging your dream home, Ghazvini said there are plenty of ways to get ahead of the competition. Have your paperwork ready to go, he said, and be prepared to offer up to five or six months of rent in advance. Ultimately, he added, it comes down to speed.
"Don't wait, if you see something that you like, pounce on it as soon as you can, because you're gonna miss out," Ghazvini advised. "A matter of hours means a lot. You can miss out on a rental just because someone else is going to see a place half an hour later and submits an offer two hours before you."
This interview has been condensed and edited for clarity.
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