After months of searching, the biology student thought she finally found a place in mid-July, but once she delivered a deposit and signed a lease, she discovered the landlord had taken on too many tenants.
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.Article content “Everyone’s panic signing leases,” said Hines. “ is paying like $980 a month, which is absolutely insane, but everyone’s just taking what they can get, even though it’s so expensive.”Article contentResearch 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.
“Rents are going through the roof,” said Omkaar Kamath, a second-year management engineering student at the University of Waterloo.He knows students who have been searching for a place to stay since May and have had little luck. “I’m going to have to negotiate even harder for a higher salary or look for a co-op that provides more just because I don’t think I’ll be able to keep up with the rent,” he said.
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