Podcast 4: The Crazy Rental Market: What It's Like Out There
Season 4, Episode 4: This Crazy Rental Market!
What's happening in the crazy rental market? And how did we get here? How long will it last for?
While we only had a +5.3% price growth in June for the GTA from this time last year, we saw an increase of +21.9% in average rental prices. Why did the pace of the average rental price grow almost 4x higher than the price of purchasing a home? It’s because of the rapid increase in the interest rate policy used to tame inflation has put buying activity on pause. Less people qualify for the mortgages they once were able to qualify for, and that the cost of borrowing has increased dramatically, so that more people are looking towards renting until there is less turbulence in the market and that hopefully rates come back down a little bit. Or they are waiting for prices to fall, so in the interim, they decide to rent.
Either way, our leasing agent Keyvan Foroughi is on the ground running with tenants, putting in offers in the competitive rental market. He’s seeing lease listings have multiple offers, and they are leasing way over the expected asking price from recent comparable leases from only a month ago. Perhaps all this craziness in the leasing market will bring back real estate investors?
Rental stats from Urbanation
PODCAST (VIDEO):
Podcast Season 4, Episode 4: This Crazy Rental Market!
PODCAST (AUDIO):
LINKS TO PODCAST:
https://podcasts.apple.com/us/podcast/broadview-table-talks-toronto-real-estate-podcast/id1435239073
https://apple.co/3IhkMWR
https://open.spotify.com/show/5fPdNlSqikRCKdvWtPMnst?si=2c169da02ab14cb3
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