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'Great for landlords, horrible for renters': How a runaway rental market has become Toronto's latest housing nightmare

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Conrad Rygier, a Toronto real estate broker, says in the past month, he's seen overbidding for rental properties 'at least 90 per cent of the time.'

Conrad Rygier, a Toronto real estate broker with Right At Home Realty, said in the past month he’s seen overbidding for rental properties “at least 90 per cent of the time.”Conrad Rygier, a Toronto real estate broker

“What I’ve seen in 14 years of doing this, these last couple of months have been the worst, craziest to represent a renter,” said the broker, who works with both renters and landlords. “It’s been great for landlords, horrible for renters.” Investors were also starting to shun the condo market because of higher interest rates and the potential for negative cash flows.

than they would have a year ago. The TRREB report found that rent for bachelor apartments now averages $1,829, up from $1,462 a year ago, while one-bedroom apartments average $2,269, up from $1,887. This rate of increase surpassed the previous peak in the third quarter of 2019.

 

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'Great for landlords, horrible for renters': How a runaway rental market has become Toronto's latest housing nightmareBidding wars for Toronto rental properties are now common and rents have skyrocketed more than 20% in one year. Read more
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