“Renting in Toronto Is a Total Nightmare” via”Bloomberg”
He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom—only to discover another suitor had snapped it up first.
“Do people just not go to see the place before renting?” said Lau, a 25-year-old accountant.
Renting in Toronto is the hardest it’s ever been. Home prices have doubled since 2008, so buying is out of reach for many people. That’s pushed Toronto rents to record highs, approaching those in hipster Brooklyn and tony London. Potential tenants are so desperate they’re driving the streets looking for rentals and creating web profiles, similar to dating bios, to attract landlords. And prices are likely to keep rising given new laws that builders say discourage construction.