Condo Rentals: How’s The Liberty Village Rental Market Looking? Liberty Village Condo Market Update | August 2021

“There is a clarity about September… the sun seems brighter, the sky more blue, the white clouds take on marvellous shapes; the moon is a wonderful apparition, rising gold, cooling to silver; and the stars are so big .” – Faith Baldwin

Hello September! We know you guys have been enjoying the monthly quotes, so we decided to continue the tradition. And what a great quote! The sun does seem brighter, the sky is certainly more blue and we’re enjoying enjoying the cooler weather… maybe not so much the storms, but you take what you can get.

August is really considered the end of the Summer. Like we mentioned last monthly update, the summer months are usually a sleepier time for the real estate market. September brings the Fall market and, in “normal” times, real estate picks up. If the last several days of September have been any indication, the real estate market has definitely picked up. But let’s talk about August! That’s what you’re all here for.

Vaccination Tracker Update 

As of Friday September 24th, 2021, 75.86% of the total Canadian population has received at least one dose of the COVID vaccine and 69.88% of the total Canadian population are fully vaccinated. That’s more than 63,906,444 doses of approved COVID-19 vaccines that have been administered across Canada. We are still currently in Step 3 of the Re-opening Plan and you might be thinking, “what’s next?” According to Ontario.ca, “In response to evolving data around the Delta variant and based on the recent experiences of other jurisdictions, the government, in consultation with Ontario’s Chief Medical Officer of Health, is pausing the exit from the Roadmap to Reopen.” So, when will we exit the roadmap? “The Chief Medical Officer of Health and other health experts will continue to monitor the data to determine when it is safe to exit the Roadmap and lift the majority of public health and workplace safety measures currently in place.” Fair enough – let’s trust the experts!

Now, on to real estate! Last month, we saw an increase in total condo rentals and average rental price year over year. This month, we see an increase in total condo rentals year over year Let’s delve into the numbers for our Liberty Village condo market in August and let them do the talking.

Attention Landlords and Renters!!

If you are think of renting out your condo this Fall or Winter and you’d like to learn more about the services we offer, have a look at our hugely popular blogpost- Landlord Services in Liberty Village.

If you are thinking of renting a condo this Fall or Winter and you don’t know where to start, take a look at our massively popular blogpost- Everything You Wanted to Know About Renting Your First Condo in Liberty Village.

How Many Condos Rented in Liberty Village in August?

August 2021 saw a total of 133 condo rentals in Liberty Village. In comparison, August 2020 had 116 rentals. Fantastic!! A 14.66% jump in condo rentals year over year.  As predicted by the experts, the more the Canadian population became vaccinated, the more condo rentals would jump year over year. A win for Landlords! When comparing August 2021 stats to August 2019 stats, there is an incredible 129.31% jump in rentals year over year- WOW! This means that, rentals were 129.31% higher during the recovery of a pandemic than a “normal” month like August 2019. Year over year, the number of Landlords and Renters confident enough to enter the condo rental market increased by 14.66%, despite being almost 2 years into a global pandemic.

Rental volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from August 2020 to August 2021? Let’s take a look at the average rental price for all types of condo rentals year over year.

The average rental price in August 2021 was $2,252 on the 133 rentals. The average rental price for the 116 rentals in August 2020 was $2,262. A 0.44% year over year decrease in rental price – solid news for Renters! If we look at the average rental price through a month to month lens, there is also a 2.38% decrease in average rental price month over month. More great news for Renters! Landlords – don’t fret. If we compare June’s numbers to August’s,  price from July 2019 to July 2021, we see a 0.22% increase in average monthly rental prices. This means, prices are slightly lower than last month and last year and slightly higher than June 2021. So, Renters, you can still secure a great bargain! Who doesn’t love a bargain?

The average rental price in August 2021 was $2,252 on the 133 rentals. The average rental price for the 116 rentals in August 2020 was $2,262. A 0.44% year over year decrease in rental price – solid news for Renters! If we look at the average rental price through a month to month lens, there is also a 2.38% decrease in average rental price month over month. More great news for Renters! Landlords – don’t fret. If we compare June’s numbers to August’s,  price from July 2019 to July 2021, we see a 0.22% increase in average monthly rental prices. This means, prices are slightly lower than last month and last year and slightly higher than June 2021. So, Renters, you can still secure a great bargain! Who doesn’t love a bargain?

So, What Does This Mean for Renters?

When analyzing the August 2021 market statistics, and in quoting our last blogpost, “our best advise to prospective renters is to secure a rental today (or yesterday, if you can time travel).” Even though August proved a decrease in average rental prices, ever so slightly, rental prices are predicted to increase rapidly. So, if you want to secure a lower monthly rate, it’s best to move at rapid speed. We called last month’s rental market absolutely bonkers. This month, we’re calling it BONKERS- we’re talking multiple offers, units being scooped up within HOURS or a DAY of being listed and units going over their asking prices. If you want to get your condo search started now, email our rental specialist Kylie or fill out our Contact Form.

So, What Does This Mean for Landlords?

If you’re a Landlord, the minute year-over-year increase in average rental prices should not discourage you! To quote the experts, “average rental prices will increase exponentially as more and more of the Canadian population becomes vaccinated.” Even though we saw the smallest decline, it is only natural for numbers to slightly fluctuate and as the specialists, we are not worried in the slightest. And we’ve seen that in real-time – average rental prices are growing at an even faster rate than pre-pandemic times. So, our best advice to Landlords, and in quoting our last blogpost, “would be to list your unit today (or yesterday, if you can time travel).” If your unit is currently Tenanted and/or you’re unable to jumpstart the process, waiting a few months won’t hurt your chances either. Set yourself up for success by touching base with a rental expert a few months before you’re ready to list. Our rental specialist, Kylie, will keep you privy to all comparable leased units in the meantime, prepare a thorough marketing strategy and ensure you are on the best track to get major dollar for your unit. To learn more about the Landlord services we offer, have a look at our hugely popular blogpost- Landlord Services in Liberty Village.

Any predictions for next month, this Fall or the Winter market? Let us know in the comments below.

If you have any specific questions about the market or are curious as to how this relates to you, get in touch. Email our rental specialist Kylie or fill out our Contact Form.