It’s Good to Be a Rental Building Owner in Canada
On the building owner/landlord side of the Canadian rental market, things are looking rather sunny. Thanks to low vacancies and rising rents, investing in rental properties is not just secure but also lucrative. The shifting tides that are keeping people away from the real estate market are not only ensuring that rental buildings will be full but also offering more incentive to upgrade them to appeal to a different market.
In fact, the housing crisis is pretty much calling for more purpose-built rentals, which means more opportunities for investors to enter this market.
Why It’s Good to Own Rental Apartments in Canada
1. Our Population is Growing
New Canadians are moving into rental units all across the country – especially in Toronto, Montreal and Vancouver, and their surrounding suburbs. And these numbers are growing.
Many new immigrants cannot buy property right away, so they’re relying on the rental market for housing when they arrive.
2. Supply is Not Meeting Demand
Because not many rental buildings are being built right now and the population is rising, landlords do not have trouble filling vacancies. Even if the supply was increased, it wouldn’t hurt current building owners, as it’s very unlikely that there will be a downturn in the rental market.
The rental market in Canada has always been stable and strong, as there have always been people who require apartments for rent in Canada. The difference now is that demand is increasing.
3. There Are Fewer Homebuyers
In addition to a growing population, the growing number of people pushed out of the real estate market is adding to the demand for rental properties. This is why we’re seeing more luxury rentals being built, as there is a new demographic looking for comfort and style in their rental and have the money to pay for it.
Like we said, the rental market in Canada has always been stable, but today there’s a greater emphasis on rentals as the housing market adjusts to new socioeconomic realities.
If you’re a landlord or property manager, you can fill your vacancies even faster by listing your available units on Gottarent.com. Potential renters search the site looking for apartments for rent in their communities.