Someone, somewhere once said,
“August is like the Sunday of summer”
No really, the Author of this quote is quite literally “unknown”. But it rings so true! August is like that good relaxing feeling of a Sunday afternoon, while also being cognizant that Monday is close by.
If you’re a LVT regular, you probably read our very first edition of the extra special Rental Condo Market Update. Like we promised, we are back for another monthly update! What are we waiting for? Let’s get right into it!
Vaccination Tracker Update
As of Wednesday August 4th, 2021, 71.04% of the total Canadian population has received at least one dose of the COVID vaccine and 59.88% of the total Canadian population are fully vaccinated. That’s more than 49,920,544 doses of approved COVID-19 vaccines that have been administered across Canada. As of July 16th, Ontario began step 3 of the reopening plan! The transition from step 2 to 3 came 5 days earlier than scheduled, which was a pleasant surprise for many. According to Ontario.ca, “the province will remain in Step Three for at least 21 days and until 80% of the eligible population aged 12 and over has received one dose of a COVID-19 vaccine and 75% have received their second, with no public health unit having less than 70% of their eligible population aged 12 and over fully vaccinated.” That is, provided other key public health and health care indicators remain stable. We are on track to “exit the roadmap”!
Now, on to real estate! Last month, we saw an increase in total condo rentals year over year. This month, not only did we see a substantial increase in total condo rentals year over year, we also saw an increase in year over year rental price. Let’s delve into the numbers for our Liberty Village condo market in July and let them do the talking.
Attention Landlords and Renters!!
If you are think of renting out your condo this summer or fall 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 summer or fall 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 July?
July 2021 saw a total of 134 condo rentals in Liberty Village. In comparison, July 2020 had 98 rentals. Awesome!! A 36.73% 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 July 2021 stats to July 2019 stats, there is an incredible 211.63% jump in rentals year over year- HOLY MOLY! This means that, rentals were 211.63% higher during the recovery of a pandemic than a “normal” month like July 2019. Year over year, the number of Landlords and Renters confident enough to enter the condo rental market increased by 36.73%, 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 July 2020 to July 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 July 2021 was $2,283 on the 134 rentals. The average rental price for the 43 rentals in July 2020 was $2,281. A 0.09% year over year increase in rental price – solid news for Landlords! Renters – don’t fret. If we look through a month-to-month lens and compare the year over year average monthly rental price from July 2019 to July 2021, there was a 10.15% decrease in prices year over year. This means, prices are still lower than July 2019 and renters can still secure a fantastic deal! And who doesn’t love a deal?!
The average rental price in July 2021 was $2,283 on the 134 rentals. The average rental price for the 43 rentals in July 2020 was $2,281. A 0.09% year over year increase in rental price – solid news for Landlords! Renters – don’t fret. If we look through a month-to-month lens and compare the year over year average monthly rental price from July 2019 to July 2021, there was a 10.15% decrease in prices year over year. This means, prices are still lower than July 2019 and renters can still secure a fantastic deal! And who doesn’t love a deal?!
So, What Does This Mean for Renters?
When analyzing the July 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).” Rental prices are increasing very rapidly, so if you want to secure a lower monthly rate than 2019, it’s best to move at rapid speed. We called last month’s rental market absolutely bonkers. This month, we’re calling it MEGA bonkers- we’re talking even MORE multiple offers, units being scooped up within HOURS of being listed and units going for SEVERAL hundred 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 year-over-year increase in average rental prices should put a huge smile on your face! To quote the experts, “average rental prices will increase exponentially as more and more of the Canadian population becomes vaccinated.” And we’re seeing that in real-time – average rental prices are growing at an even faster rate than pre-pandemic times. So, our best advise 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 Summer or the Fall 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.
