The Canadian Real Estate Investor What's Happening In The Rental Market?
Dan interviews Max Steinman (CEO of RentSync/Rentals.ca) and "Millennial Moron" (Jeb) about current trends in the Canadian rental market. They discuss the impact of increased purpose-built rental supply, declining demand in major cities, rising vacancies, and strategies for both large and small landlords to compete in this shifting landscape. The importance of location, the unintended consequences of rent control, and the need for a more balanced approach to housing affordability that addresses supply-side issues.
- Demand is down and supply is up, leading to declining rents and rising vacancies, especially in Toronto and Vancouver due to an influx of condo units into the rental market.
- Small landlords need to focus on providing excellent service, building relationships with tenants, being willing to negotiate on rent, and highlighting advantages like rent control to compete with larger purpose-built rentals offering incentives.
- Increasing the supply of purpose-built rentals can ultimately improve housing affordability and create a more stable rental market, but it's important to strike a balance and avoid over-relying on demand-side solutions.
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