Back to Blog April 9, 2024

Renting Should Be Marketed As A Valid Option In Today’s Housing Market.

Barbara Lawlor

Homeownership is the dream of most Canadians, but nowadays with home and condominium prices the way they are, that dream can be difficult to make a reality. The logical solution is to rent before buying, and certainly, there is more demand for rental accommodations than there are options in the GTA. Today’s condominium investors are helping to lessen this demand-exceeding supply situation. When marketing to renters, investors are wise to highlight the many benefits of living in a condominium. Convenient transit-friendly locations, beautiful condo amenities, retail/commercial venues on the ground floor, and in general, low-maintenance living … the list goes on of condo lifestyle perks.

There is, however, a certain stigma to renting, which is disheartening – and unnecessary. Potential renters need to know that recently, Prime Minister Trudeau announced that in the upcoming budget, his government will introduce a new “renters’ bill of rights” to protect tenants in Canada (Bit.ly/3vvXuu6). Included in this legislation will be a national standard lease agreement, the ability for tenants to negotiate their rents, a $15 million fund for provincial legal aid organizations that help tenants fight landlord abuse such as unfairly rising rent payments, plus a change in federal rules so that making rental payments on time will be considered in renters’ credit scores to help them purchase their first home. The latter will also diminish the stigma of renting versus owning. This is great news, especially for those who may be hesitating.

Remember that most of us who own homes rented before we could afford to buy. Investors, let your potential tenants know that when renting translates to low maintenance, convenience, and resort-style living, the benefits are priceless!

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