The Increase in Demand for Rental Properties Post-Pandemic
Keeping up with this booming sector.
1.4 min read
When the pandemic first hit, many renters were unsure about its effects on their jobs, school, and life in general. As months went by and lockdowns extended, many renters decided to move out of condos and find other accommodations to better suit their new “work-from-home life.” However, a new report showed that rent prices and demand have been starting to go back to their normal pricing pre-pandemic.
During 2020, rent prices in Toronto decreased to a minimum of 15%; however, with workplaces opening back up and life resuming back to normal for workers and students, many are resorting back to renting again, thus driving the demand and prices to go back up. The increase in demand is heavy in downtown communities like Kensington, Moss Park and the Waterfront Communities. These reports include statistics on both condos and single/multi-family properties as well throughout the GTA.
It is predicted that the demand will continue rising as normalcy is restored into the lives of Torontonians, and developers are continuing to construct new living spaces to keep up with this booming sector.
Reference
Hanrahan, L. (2021, September 13). Some Toronto rental prices are back to pre-pandemic levels. Retrieved October 1, 2021, from https://dailyhive.com/toronto/toronto-rental-prices-pre-pandemic.
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