The wait is over! View the November 2023 Rentsync National Rental Demand Report.
Single-family home rentals have traditionally been less prevalent in Canada, with a majority of the rental stock consisting of apartments. However, this is changing as more Canadians are opting for single-family rentals. According to data from Rentals.ca, listings for single-family rentals in the fourth quarter of 2022 were up 44% compared to the same period in 2021, despite the usual seasonal decline in rentals after the summer peak. This trend is driven by a variety of factors, including a growing dissatisfaction with apartment living, shifting renter preferences, and a gradual increase in the average age of renters.
The COVID-19 pandemic jumpstarted the interest in single-family rentals. As many urban dwellers sought more space and a change of lifestyle, they began to look for homes in smaller, quieter communities. These communities offered larger homes, more walkable neighborhoods, and a quieter lifestyle, which was appealing to many renters who had been living in cramped and noisy urban apartments. However, this appeal was short-lived, and as communities began to re-open and compounded by the call to return to in-person work came; many recognized the limitations of smaller communities. Whether they were a lack of available community amenities, a slower lifestyle, or a lack of local employment opportunities, many began to return to larger cities. After having experienced the benefits of a larger home they were reluctant to return to cramped apartment living.
The resurgence in demand for single-family rentals was further driven by the increasing number of middle-income families relegated to the rental market due to affordability issues. Data published by ratehub indicates that as of October 2022, the top 10 cities in Canada require an average household income of $137,474 to purchase a house. With a high of $220,700 in Vancouver, $211,650 in Toronto, and a low of $75,320 in Winnipeg, these numbers have made it difficult for many Canadians to afford a mortgage.
The trend of single-family rentals is also being driven by the changing demographics of renters. As the average age of renters increases, so does their desire for more space and privacy. Additionally, with more middle-income families relegated to the rental market, the demand for larger homes that can accommodate families is also increasing.
As affordability continues to worsen, the trend of single-family rentals is expected to grow. Whether driven by individual owner-investors or larger institutional players, it is clear that this trend represents a significant shift in the Canadian housing market. More and more Canadians will opt for single-family rentals as a viable alternative to homeownership, particularly in areas where home prices have skyrocketed.
Based on the above information, here are a few pieces of advice for landlords:
Be aware: With the trend of single-family rentals on the rise, landlords should consider the offerings they have available. Whether by increasing the number of single-family units in your portfolio, or creating more family-friendly apartments. These can both increase the appeal of your portfolio and ensure you're able to attract a growing and diverse tenant base.
Be flexible: With the growing interest in single-family rentals, landlords should be flexible with lease terms and consider short-term lease options. Be open to negotiating with potential tenants, you could be surprised by how much more appealing your property can be if you are more flexible.
Consider your location: Tenants may not always appreciate the hustle and bustle of big-city living. Consider the effects your location may have on your renter's lifestyle and incorporate that into your leasing strategy.
With the ongoing issues of affordability, the trend of single-family rentals is expected to continue to grow and evolve, providing more options for renters across the country. By following these tips, landlords can be well prepared to navigate the trend of growing single-family rentals, and position themselves to benefit from the ongoing changes to the rental market and renters themselves.
Gérer les paramètres des témoins
Rentsync recueille des données de témoins pour vous offrir une meilleure expérience d’utilisateur, mais nous vous offrons aussi des choix concernant la manière par laquelle nous et nos partenaires tiers recueillons et utilisons les données obtenues par les témoins.
Ceux-ci sont impératifs pour vous permettre de naviguer le site Web et d’utiliser ses fonctionnalités. Si vous n’autorisez pas ces témoins, vous ne pourrez pas correctement utiliser notre site.
Témoins publicitaires et témoins traceurs
Ceux-ci enregistrent votre visite sur le site Web de Rentsync, les pages individuelles que vous visitez, les liens que vous suivez et le type d’appareil que vous utilisez. Notre utilisation de ces témoins pourrait faire en sorte que vous voyiez des annonces de Rentsync sur d’autres sites Web. Nos partenaires pourraient également utiliser de l’information captée par ces témoins à des fins d’évaluation de leurs propres annonces numériques. Si vous n’autorisez pas ces témoins, il se peut que vous voyiez du contenu et des publicités auxquels vous n’êtes pas intéressé.
Nous utilisons des témoins de partenaires publicitaires tiers pour vous offrir des publicités pertinentes sur le site Web Rentsync et sur d’autres sites Web. Pour refuser l’utilisation de témoins et de publicités ciblées par un tiers, vous devez vous rendre sur leur site Web et suivre les procédures de refus qui y sont spécifiées.