When Meaghan Hines moves into a rental apartment ahead of her fifth year at the University of Waterloo in Ontario it will be a massive relief.
Hines’ experience is a sign of a surging rental market, raring back to life after the first two years of the pandemic saw landlords slash rents and offer incentives to keep tenants. Research firm Urbanation recently reported falling vacancy rates in Toronto in the second quarter pushed up the average rent to $2,533 with a record high of $3.57 per square foot, up 5.9 per cent in the second quarter compared with the first.
While he recently found a friend who will sublease him a place to stay, if that deal falls apart, he knows it will be costly. Her brother, who is juggling classes with a full-time job, often pitches in for whatever amount Ramisa can't cover after working 20 hours a week with her school's students union.
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