Listings continues to flood the Toronto rental market, and some condo residences are seeing upwards of ten percent of their units listed at the same time. This sudden flip of the market has many owners and investors scratching their heads and wondering if their property value or investment is in trouble.

On the flip side, renters are finally enjoying a period of choice with numerous layouts to choose from in the same building. However, even renters face uncertainty when there's such extreme turnover. 

What's Happening With Rent

Covid-19 has produced the perfect storm for the Toronto rental market. Due to historically low supply over the past few years, condos developments have been cropping up at a swifter pace and many rentals only buildings have been opening across the GTA. The rental market was already poised for a correction of some kind. Covid-19 made that correction more dramatic.

The shuttering of short-term rentals based on a lack of tourism forced many short-term rental owners to list their units as long-term rental suites, creating a tide of rental listings. At the same time, University students are studying from home and many have selected to stay with mom and dad instead of hunkering down in a condo.

The availability of remote work has furthered this effect, pushing more renters away from the downtown core. All of this amounts to a rental market with high supply, low demand, and uncertainty swirling.

Though, high turnover and an influx of units might sound like a dream for a renter in search of a bargain, it also opens up a near endless selection of condo units in some incredibly desirable neighbourhoods, making it difficult to narrow down your search.

Where Will You Find The Best Deal?

Typically, condo buildings with a high number of rental listings will likely be cheaper than those with few. Buildings such as the desirable 87 Peter in King West and even entire neighbourhoods like Bay Street Corridor have been hit hard by a lack of renters. Targeting buildings or neighbourhoods with a high volume of listings is an excellent strategy for prospective renters.

Buildings close to universities are a great option as well. Landlords are in need of solid tenants and as such, many are willing to negotiate in hopes of attracting a long-term tenant. Competition between units in the same building will aid your cause for affordable rent and you’ll have the opportunity to get picky about layout and aesthetics.

Think Boutique And Light On Amenities

Condo fees are paid by landlords and then added into the rent and paid by tenants on a monthly basis. While renters don’t see the condo fees firsthand, they’re paying them indirectly. With Covid-19 shuttering common areas and making some amenities far less desirable, it makes sense to avoid buildings with extensive amenities.

Choosing a building that’s boutique, containing less than 100 units, and light on amenities will make it easier to keep distance when in hallways, lobbies, and elevators.

Prioritize Green Spaces

Green spaces have largely been an afterthought for many renters in downtown Toronto who've been forced to prioritize their commute. If you fall into the category of a remote worker, then putting a green space atop your list could really improve your physical and mental health in the winter months.

Neighbourhoods like Cabbagetown offer a balance of urban convenience and access to parks and recreation activities and trails along the waterfront area: Riverdale East and West, and the Rosedale Ravine offers a perfect nature retreat in the city.

This is also a great location for those commuting by car thanks to its proximity beside both the Gardiner Expressway and Don Valley Parkway. And when the pandemic is behind us and we’re all more comfortable with public transit options, service in the neighbourhood is excellent.

Renting in Toronto during Covid requires a different outlook but there are deals to be found if you know where to look.