Have rents kept pace with rising real estate prices?

renting an apartment

Kijiji has always been my “go to” place for rental rates. As a landlord, when I have had tenants move out, I will search for similar units to set the rent for the next tenants. (I always start with $50 more that I think I can get. Sometimes I get it. Sometimes I lower it a week later). What better way to find the market rent but by looking at comparable units for rent. I’m a realtor after all – looking at comparables is in my blood.

I stumbled across a recent story about Kijiji advertisements examining trends in supply, rents and time to rent.

 

Have rents gone up?

Here’s what I learned:

Supply of units available in Ontario declined significantly last year.

Responses to advertisments for rental units, Ontario was up by 25%. (Toronto was up 29%).

Time to rent remained fairly flat in Ontario.

Rents were fairly flat in Ontario too. That is a surprise for me as home prices rose in all major cities around the province.

 

Source

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