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Renting in DT Toronto - What's the deal?

I have a nice 1 bedroom unit, i'd estimate to be around 580 sq-ft with a large storage closet, at Bay & Gerrard that I would sublet for $1500/mo with all utilities included (heat, hydro, AC, water).

Move-in date would be May 1, however I would need deposit and check's before Feb 24 to get the unit. I have been living here for 3.5 years and still continue to do so.
 
So I thought I'd bump this thread to get some feedback and perhaps a different point of view from others here on the forum.

A friend of mine is interested in leaving his current rental condo at Yonge & Sheppard and move into a 1-bedroom condo downtown near Yonge & Bloor. We were talking about the rental market and I said it's probably not a bad time to look for a new place now since the weather will likely limit the number of other people vying for rental units. There are also a lot of new condo buildings coming up which translate into a good number of available units to choose from.

My friend isn't in a rush to move and has no problem waiting until summer if need be. What are everyone's thoughts about the supply and demand of downtown rental condos right now? Is there currently an optimal or advantageous time to move as a tenant?
 
James said:
So I thought I'd bump this thread to get some feedback and perhaps a different point of view from others here on the forum.

A friend of mine is interested in leaving his current rental condo at Yonge & Sheppard and move into a 1-bedroom condo downtown near Yonge & Bloor. We were talking about the rental market and I said it's probably not a bad time to look for a new place now since the weather will likely limit the number of other people vying for rental units. There are also a lot of new condo buildings coming up which translate into a good number of available units to choose from.

My friend isn't in a rush to move and has no problem waiting until summer if need be. What are everyone's thoughts about the supply and demand of downtown rental condos right now? Is there currently an optimal or advantageous time to move as a tenant?
Click to expand...

Won't hurt to wait in my opinion. Rents are flat and/or decreasing. The first wave of condo completions are just entering the occupancy stage now. Over the next year we will see a ton of new supply. Check out the 2nd page of this PDF for a powerful chart regarding completions: http://www.bmonesbittburns.com/economics/amcharts/feb2415.pdf
 
Since outgoing tenants need to give 60 days notice, you're now looking at around April 1st (and soon to be May 1st) occupancy. Perhaps less of an issue if your friend has a relatively high budget, but U of T students tend to move out in May/June and try to move in for September 1. Now is probably a good time to start looking in earnest!
 
Appreciate the thoughts. Good points and information.

I'm thinking any month between May and September would be an ideal time for many people looking to move. July and August would likely be popular simply because it's the peak of the summer season and September I imagine will see a large number of people moving due to the start of the new school year. All that considered, I guess May or June would seem like a good, slightly quieter time of the year to make a move if one's schedule is flexible, which in the case of my friend, it is. So that essentially means he'd have to give notice and start looking now!
 
Sheesh. If we apply the rule of 1/3's than at $1600/month your monthly income should be anywhere between $4800 to $8400 (Depending on if you apply said rule to pre-tax or after-tax income) which is an annual income of $57,600 to $100,800 (I used a marginal tax rate of 43.41%
 
Shiny, if the height greatly improves the view, then tenants will pay more. If it only means staring into other condos on higher floors, tenants won't. Depends on the building, location and view. Test the market, see what it bears and if you don't get any interest, lower the price.
 
Shiny said:
I notice people charge similar rent, but can we charge higher for higher floors?
Click to expand...

This is definitely a valid question, and one that most investors consider before purchasing an investment property. In my opinion, tenants may see the value in a better view but typically won't be paying a proportionally increasing amount of rent as you sequentially go up in floors. Of course, everyone's needs and wants are different, so one person may value the floor height much more than another.
 
Seems like a lot of you a overpaying. I'm renting a south-facing studio apartment with a large balcony in Village Green for $1000
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