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Interesting...I'd hate being one looking for an apartment here in the GTA.
The market for rental condos is becoming almost as hot as Toronto’s resale housing market with bidding wars breaking out among tenants trying to snag prime units.
While some 21,000 units are now under construction in Toronto — 5,707 of them in the downtown core — demand for rental condominiums continues to far outstrip supply, housing experts say.
That’s driving some tenants to offer up to six months’ rent in advance, or more rent than condo-owners are asking, especially for increasingly rare two-bedroom units.
In fact, the condo rental market has become so fiercely competitive the last year in particular that would-be tenants are being urged to not even look at prime downtown units without bringing along a printout of their credit rating, proof of their annual salary and a willingness to pay more rent if need be.
“It’s a form of key money,” acknowledges realtor Brad Lamb who put a new, 480-square-foot studio up for rent last week and had three takers within three hours.
One 26-year-old man offered $1425 a month — $30 more than Lamb was asking — and agreed to have his mother co-sign the lease as security.
Lamb expects to see similar offers on 12 other studio units he plans to rent out soon, all of them in the King St. W. and Stafford St. Parc Lofts and Condos building his company, Lamb Development Corp., has just built.
“It’s not just bidding for price, this means that as landlords we’re able to pick excellent quality tenants from a credit standpoint as well,” says Lamb.
More.........http://www.metronews.ca/toronto/local/article/986884--it-s-dog-eat-dog-in-the-condo-rental-wars
The market for rental condos is becoming almost as hot as Toronto’s resale housing market with bidding wars breaking out among tenants trying to snag prime units.
While some 21,000 units are now under construction in Toronto — 5,707 of them in the downtown core — demand for rental condominiums continues to far outstrip supply, housing experts say.
That’s driving some tenants to offer up to six months’ rent in advance, or more rent than condo-owners are asking, especially for increasingly rare two-bedroom units.
In fact, the condo rental market has become so fiercely competitive the last year in particular that would-be tenants are being urged to not even look at prime downtown units without bringing along a printout of their credit rating, proof of their annual salary and a willingness to pay more rent if need be.
“It’s a form of key money,” acknowledges realtor Brad Lamb who put a new, 480-square-foot studio up for rent last week and had three takers within three hours.
One 26-year-old man offered $1425 a month — $30 more than Lamb was asking — and agreed to have his mother co-sign the lease as security.
Lamb expects to see similar offers on 12 other studio units he plans to rent out soon, all of them in the King St. W. and Stafford St. Parc Lofts and Condos building his company, Lamb Development Corp., has just built.
“It’s not just bidding for price, this means that as landlords we’re able to pick excellent quality tenants from a credit standpoint as well,” says Lamb.
More.........http://www.metronews.ca/toronto/local/article/986884--it-s-dog-eat-dog-in-the-condo-rental-wars
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