Condo Rental Bidding Wars
Thursday Nov 16th, 2017
Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise.
“Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand. “Rentals will have multiple bidders on them and the situation won’t correct itself any time soon. We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which will help provide relief to the market for a period of time.”
“It’s very common to hear about bidding wars for rentals now,” said Hildebrand. Many tenants will say they see a new listing come up and soon as they inquire it’s already gone. It’s been common at periods of time in the last few years, but it’s been building over the last few months pretty strongly.”