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.
“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.
Maziar Moini, Broker of Record - Home Leader Realty Inc.
300 Richmond St. W., #300, Toronto, ON M5V-1X2
