Bidding Wars on Downtown Condos
The rental market in downtown Toronto is now so competitive that I'm starting to see "Offer Nights" on rental properties in the C1/C8 communities. This is when all interested renters come forward and submit their best offers to the landlord, often resulting in bidding wars and higher rental prices.
As interest rates continue to go up, more and more people cannot afford, or are choosing not to buy right now. All of those people need to stay as renters and with record immigration numbers, the pressure on the existing rental inventory is intense - heavily into a market where landlords are able to dictate terms.
This is interesting because inventory levels are around pre-pandemic levels and quite a bit higher than the lows from the summer of 2022.
In Calgary you are not seeing this yet but I have seen property management companies host a "showing day" where on a Saturday all prospective tenants can view the unit and submit an application - not quite a bidding war but pretty close! It's also not uncommon to get dozens of applications for a single unit.
If you want to learn how to take advantage of the strong rental markets in Toronto or Calgary, contact me today.
