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In tight rental market, here's how to prepare for potential increase at renewal - BNN Bloomberg

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The rate advantage city renters saw during the pandemic is fading, making it important for those without rent controls to plan ahead for potentially substantial increases.

List prices for new rentals were up about 20 per cent in May for cities like Toronto, Vancouver and Calgary compared with a year earlier, data from Rentals.ca showed.

Nova Scotia and New Brunswick had no limits on rent increases going into the pandemic, but a spike in migration and property buying led to soaring rental rate increases, prompting the provinces to bring in legislation for this year. However, Hunter, whose company works both in real estate sales and property management, said that many landlords are open to some discount if asked.

Cost increases, including rising interest rates, is also narrowing options for landlords in Toronto, said Christan Bosley, president of Bosley Real Estate, but there’s still the opportunity to ask. While it depends on how a property is managed, Bosley recommends an actual conversation to get the clearest picture.

 

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