“My Square One Condo” has an entire rental team dedicated exclusively to working with rentals in the Square One area. We continuously aid tenants looking to secure properties, as well as landlords looking to lease out their properties. Over the last few months, I started monitoring rental properties closely and how they ended up getting leased out. I decided to publish a short blog based on these observations.
5 cool facts about Square One condo rentals
– The most common request from a tenant is for us to find them a “clean unit with an open concept layout”
– About 75% of potential tenants ask if the hydro is included
– There is a strong demand for short-term furnished rentals, however, we do not service short-term rentals (investors take note *Hint Hint*)
– It’s not uncommon for a landlord to receive 2-3 offers on his lease within the first few days of marketing the property online.
What does this mean for tenants?
If you have been holding off from buying and waiting for the market to crash, you probably have been wondering why the market hasn’t crashed yet? The truth is, it has not happened and it looks like it isn’t going to happen anytime soon. There is enough demand in the rental market, and vacancy rates are at historical lows (less than 1% in the Region of Peel).
Existing tenants do not be alarmed if during the renewal period of your lease, your landlord decides to increase your rent. Back in 2008, the starting price for a newer 1 bedroom condo rental in the Square One area was between $1200-1250, five years later the same property could rent out for around $200 more per month.
At this point, you should seriously weigh out your options. Consider how much money you have spent on renting over the last five years. Decide if you can see yourself living in Mississauga for the next 2-3 years. If so, buying a condo, as opposed to renting one, might just be the right move.
What does this mean for landlords/investors?
You are in a good position. If you have purchased a pre-construction condo which has been recently completed, such as Limelight or The Residence, you should have no problems finding a tenant. Price the condo correctly and get your agent to market it online.
For those considering getting into condo investing, through renting their condo out, the time could not be better. Since condo sales in the City Centre area are slightly down (based on volume NOT price), you can get lucky and score yourself a great deal on a unit. Make sure your agent not only understands the condo resale market but also the rental market, as their skills will be required to lease out your unit.
Tired of renting and paying your landlord’s mortgage off? Interested in getting an investment property and leasing it out? Either way, contact me, I would love to help.
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