What You Need to Know About the Ongoing Bidding Wars on Toronto’s Rental Properties
2 min read
As we continue to see high demand and low supply for the Toronto rental market, many issues arise as tenants seek a new place to call home. With job relocations and the school year in full swing, the competition amongst renters has become increasingly tense, leading to bidding wars.
Bidding wars are typically common in sale transactions, but with the current market, Torontonians are now in bidding wars for rental properties. This is when one tenant out-bids other tenants with a higher price point offer for the same property. Because of this, many property owners will purposely lower the initial price of a rental unit and allow the tenants to take charge of the final rental value. This can be frustrating for many as the rental supply is very low; however, with interest rates and inflation increasing, this has become an expected part of the rental process across the GTA.
Our team is always ready to help you find a rental quickly and easily in 2022 despite the tension in the current market. Check out some of our currently available properties for rent, and contact us directly to book a showing!
Reference
Feinstein, C., & Alsharif, G. (2022, August 20). Bidding wars and soaring prices: Toronto renters face a 'Perfect storm' in tight market. thestar.com. Retrieved August 26, 2022, from https://www.thestar.com/real-estate/2022/08/20/bidding-wars-and-soaring-prices-toronto-renters-face-a-perfect-storm-in-tight-market.html
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