According to a recent study conducted by Duuo, an insurance company for tenants, despite being the most popular in terms of rental searches, Toronto still isn’t the most expensive Canadian city to rent in – that title went to Vancouver.
Methodology
The study looked at the top 20 most expensive Canadian cities to rent in based on Zumper’s Canadian Rental Report.
Popularity was measured based on two items:
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Which cities were most searched for in conjunction with terms like ”apartments for rent”
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The number of hashtags attached to each city on Instagram
Results
Toronto came in 2nd for the most expensive city to rent in, but what’s interesting about this study is that as you move further down the list being popular correlated less and less with rental prices.
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Ottawa came in 2nd for the most popular city but ranked 7th in terms of rental pricing.
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Winnipeg was the 3rd most searched city and ranked 18th in terms of rental expenses.
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Calgary, which saw a boom in housing prices during Spring 2022, ranked 4th in terms of search popularity and 17th in terms of pricing.
Credit: Duuo
What does this mean for property owners?
Even as cities open up, the return to the office hasn’t gone as smoothly as employers have expected. With people continuing to work from home, they have increased flexibility in terms of where they live. Even with hybrid working models, people may be willing to commute longer distances 1-3 days a week for cheaper rental prices.
This means a property located outside Canada’s major hubs may have increased appeal for potential renters.
Property owners can take advantage of this by using Rhenti’s digital toolbox to find quality renters in the fastest way possible. Here’s how Rhenti streamlines the rental process and saves your major time and energy.
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Upload your property listing once, and Rhenti automatically markets it on all the major internet listing sites and social sites. Think realtor.ca, Zumper, Viewit, Facebook, Kijiji, Instagram and more!
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Chat with renter leads in one central dashboard.
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Book and manage viewings with renters and leverage smart notifications to minimize no-shows.
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Review detailed renter applications, including credit check, employment documents, and references.
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Generate customizable digital lease agreements and close deals in no time.
Want to learn more about Rhenti and how you can get more from your rental investment? Book a demo today!
The blog posts on this website are for the purpose of general introductory information. They can’t serve as an opinion or professional advice. Speak to a professional before making decisions related to your circumstances.
