The wait is over! View the September 2023 Rentsync National Rental Demand Report.
After being cooped up at home for the better part of 2 years and experiencing a rollercoaster of emotion at home, many have decided to move. Whether due to personal reasons or as one of the millions of Canadians who work remotely, a change of location. A fresh start offers new opportunities and a change of scenery to renters while sourcing new prospects for property managers. Although a majority of movers do so within their existing community, choosing a new neighbourhood over a completely different city, there remains a substantial number of renters looking for new homes further afield.
This population is often overlooked and rarely targeted because outside of conventional ILS listings it’s increasingly difficult to identify where potential renters might be located. Conventional signage can't reach those who aren't physically there, and mail campaigns are outdated. The only viable solution is a digital marketing campaign, which can target renters regardless of location and help generate leads and expand your reach.
Based on Rentals.ca data, the cities which had the highest number of searches by those looking to move over the last 3 months are listed below in order.
Ontario took the number one spot as the most in-demand province with Toronto and Ottawa taking the top two spots, and representing twice the overall demand found in the remaining 3 markets. These two cities saw the most diverse searches with many prospective renters located across the world; Toronto received the greatest number of searches from outside of the country. Most notable are the USA and Mexico, South America, The Middle East, Africa, and South Asia. International searches make up on average 20% of total searches. A vast majority of rental searches are done by those living nearby and looking to relocate into the city.
Vancouver: The most popular international market in Canada with about 30% of total search activity coming from outside of the country. The overall number of searches is substantially down when compared to the other markets on this list. However, it has strong name recognition across the world and generates a substantial amount of renter traffic from Europe and Asia.
Montreal: Sits directly beneath Vancouver as the fourth most popular destination for movers with searches originating from the United States, South America, Europe, and the Mediterranean. Although prospects are present across the world, Montreal has a strong attraction to those already living in the region but wanting a more urban lifestyle with a vast majority of prospective renters already located within 30km of the city.
Calgary: Based on discussions with renters, Calgary represents a destination that households move to for new opportunities. While renters in Ontario primarily move for more affordable housing options. With rents in Calgary being more affordable, and Alberta’s growing economy, residents focus on the potential that they may not otherwise see if they remained where they currently were. Searches for Calgary properties come from a diverse range of regions across the world including North America, South America, East Asia, South Asia, and Western Europe. International searches account for approximately 26% of search activity, and while the overall number may be smaller than that of Toronto or Ottawa, there remains strong interest across Canada and much of the globe in Calgary.
With so many renters moving long distances to find opportunities, whether they be a change of pace, a new job, or a completely new life, this group can not be overlooked. Property owners and managers should pay special attention to where their renters are coming from, where their renters may potentially come from, and most importantly how they can best reach these renters regardless of their distance or location.
A digital marketing campaign is the best way to expand your reach and target renters who you might otherwise overlook. Depending on the level of sophistication; these campaigns can range from needing to be monitored daily to ensure they are always operating at their peak, all the way to a “leave it and forget it” campaign that once set up only requires occasional review. With low-cost and effective options available, whether it be social media or Google Ads, Rentsync can help organizations by managing these campaigns and improving their digital lead volume.
Property owners should take advantage of the tools available to them to ensure that they aren't leaving a potential source of leads untapped. With people's willingness to relocate increasing through various factors, identifying outside sources of potential renters may become more important than ever before as a means of filling vacancies and generating strong name recognition.
September, 14 2023
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