Breaking Ground: Unveiling Rentals.ca’s Inaugural Renter Survey Results

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Toronto, Canada – March 20, 2024 – In a year marked by uncertainty and fluctuating market conditions, Rentals.ca has undertaken a comprehensive survey to gauge the pulse of the Canadian rental market. The survey spans many topics, from the length of time potential renters spend searching for their next home to their satisfaction with landlords and the overall rental experience. Over 600 prospective renters were surveyed across Ontario, British Columbia and Alberta. This blog post explores these findings in detail, shedding light on the challenges, preferences, and aspirations of renters across Canada.

“Hearing directly from renters is paramount in understanding the perception of the Canadian rental landscape,” said David Aizikov, Senior Data Analyst at Rentals.ca. “These findings empower renters and landlords alike with the knowledge to make informed decisions, shaping a more dynamic and data-driven rental industry.”

We asked participants of the survey the duration of their rental search. first-time renters comprise 26% of survey participants, highlighting a substantial portion of the market navigating the rental process for the first time. The data shows that 34% of people have been looking for a place for at least two months, with 15% looking for more than six months. With supply issues affecting Ontario and British Columbia the hardest, this extended search time suggests a highly competitive market. In addition, Alberta continues to experience high levels of interprovincial migration adding to the increase in demand for the province.

Amongst our population of prospective renters, we found that 49% had last moved within the past three years, with 26% having moved within the last year alone. In the face of escalating inflation and affordability challenges, residents in rent-controlled markets are inclined to remain in their current accommodations, benefiting from minimal rental hikes. The proportion of long-term renters moving is declining, and we will continue to track this phenomenon.

We found that 69% of respondents highlighted the unaffordability of rentals in their region as their reason for moving, With 19% of survey participants indicating their interest in moving to a new city for their next home. Furthermore, 63% emphasized price as their primary concern when searching for a new dwelling, while only 37% prioritized location. This shift underscores a clear preference for affordability over accessibility, as pricing remains the dominant factor influencing renter decisions.

The persistent shortage of affordable units remains a pressing concern for renters, with 55% of respondents expressing frustration over the limited availability within their budget range when searching for rental accommodations. Despite this challenge, over 60% of respondents reported satisfaction with the quality of rental properties they have encountered. However, there’s a clear demand for expanded options, particularly within a price range that aligns with their desired lifestyle in their preferred location.

Rentals.ca will continue to create and publish results of both renter and landlord surveys to give a voice to those experiencing the ebbs and flows of the Canadian rental market. The future promises a more informed, responsive, and equitable rental market for all involved.

For more information about Rentals.ca or to schedule an interview, contact Giacomo Ladas at giacomo@rentals.ca