Toronto, Canada, September 18, 2015 – Braden White (www.BradenWhite.com), a Toronto luxury real estate sales representative, with Chestnut Park Real Estate Limited, is weighing in on the increasing trend of residents of the GTA renting rather than buying a residence. Braden White is also commenting on how realtors can assist clients with locating the right rental property, as well as the benefits of using an agent.
The climbing price of finding a home in major Canadian cities like Toronto and Vancouver has led to a shift towards renting apartments and condominiums. According to a study by independent condo industry analytic firm Urbanation, condominiums now make up approximately 99% of new rental supply in the Greater Toronto Area. The study also saw an increase in favour for purpose-built rentals—apartments built for rent rather than for sale—due to their being well managed and secure. (Source: Wintrob, S., “For Rent in Toronto: Swank new apartments (and — surprise! — they’re not investors’ condo units),” The National Post, March 1, 2015; https://news.nationalpost.com/homes/for-rent-in-toronto-swank-new-apartments-and-surprise-theyre-not-investors-condo-units.)
“However, when it comes to well designed, functional and high quality rental properties with great amenities and a good location, there is currently more demand than supply,” says Braden White. “This is why realtors, who are normally associated with the purchase and sale of homes, are also valuable as agents for finding rental properties. They can also assist landlords with finding good tenants, negotiating the rental terms and ensuring that the landlords’ rights are protected.”
Realtors possess experience and connections that allow them to find available properties that meet their clients’ specific needs. They also have access to TREB’s Multiple Listing Service (MLS), an electronic database that is the sole listing for roughly 75% of condos. Access to TREB’s MLS is given primarily to real estate agents rather than the general public and, when used properly, lets an agent quickly scan a large number of listings, both those that are available for rent, as well as properties that have recently been rented. This allows the agent to look out for their client’s best interests by making informed recommendations regarding the cost of rent for the specific property their client is interested in.
“By using an agent to find a rental property, the client will have access to valuable information in order to make an educated decision while their agent ensures their rights are protected,” says White. “The best part is that there is no cost to the renter as the landlord typically pays any commission due to the agents involved with the transaction.”
Real estate agents are not only valuable to renters but also to landlords. Agents are able to provide valuable real estate information to landlords in order assist with determining the monthly rent and can assist with advertising and showing the property, as well as negotiating the rent. White points out that there is typically a fee for this service but the money spent is usually well worth the results that a good agent can deliver.
“The rental market is here to stay. With home prices as high as they are today and young professionals having extremely high student debt along with the fact that salaries are not increasing at the same rate as the pricing in the housing market, renting is becoming more and more popular with young professionals as they work their way up.” White concludes.
Braden White is a licensed real estate agent with Chestnut Park Real Estate Ltd., the exclusive affiliate of Christie’s International Real Estate in Toronto. He works to find ideal and affordable housing and rental options and aids sellers, buyers, and renters. To contact Braden White, call 416-925-9191 or visit www.BradenWhite.com.