Millennials & The Toronto Rental Market
In life, nothing stays the same. That couldn’t be more accurate when it comes to millennials and the state of the Toronto rental market. Now more than ever, market analysts are scratching their heads over what to anticipate or expect from this demographic that is edging more into the prime years of moving out and into their own place that they can call home. But as stats and sales have shown, more and more millennials are clearly interesting in forgoing the big lot and backyard for the convenience and location of condos and purpose-built rental apartments.
For those trying to comprehend the trends that are catching the eyes of millennials, here’s what to know:
Lifestyle over Property
As millennials enter the workforce, the importance of location and lifestyle appear to clearly take precedence over property. The condo and rental boom shows that being in close proximity to work, along with having quick and easy access to transit, are top priorities for this generation in their 20s and 30s.
Quality over Quantity
Young buyers entering the market are also keen on the concept of quality over quantity. That means they’re seeking amenities, communities, and even urban villages that they can feel connected to. Being a part of an active, urban community and having the ability to walk to parks, shops, pubs, and restaurants are all important factors that are influencing the current waves in the market. When it comes down to comparisons, the quality of lifestyle clearly takes precedence over the quantity of property (ie: square footage).
With the Toronto housing market placed well beyond the realistic reach of most young buyers, and with the realistic alternative for owning a house necessitating a long commute, it’s really no surprise why the rental market is thriving. For many millennials, the affordability factor has as much of an impact on their decision as the convenience factor. With the unpredictability of the workforce these days, combined with the soaring housing market prices, many millennials simply cannot afford the down payment for a home, let alone a hefty mortgage.
Times are changing, and that is clear to see when it comes to the trends of the Toronto rental market. As millennials reach the age of independent living, they are favouring the quality lifestyle, convenience, and affordability factors that condos and rentals can provide. And with the state of the housing market, many experts believe this trend will continue for the foreseeable future. In light of this fact, condo development and purpose-built rental apartment development will continue to thrive.