The residential rental market is changing according to Greycoat Real Estate. As the inventory for private home and apartment rentals decreases, the costs continue to rise. This is pushing middle-income households into smaller properties in less desirable areas.
Greycoat adds that there is a notable decrease in the number of 3+ bedroom properties rented, from 57% in 2020 to 51% in 2023. Private landlords are pulling their rental units off the market. Unfortunately, the decrease in inventory increases the cost to renters. Renters are faced with a budgeting dilemma that forces them to choose between paying the higher cost or moving from roomier properties to smaller ones.
Renters are increasingly choosing to move to smaller properties. Even as the Parliament recognizes the need for affordable rental properties, it has become apparent that there will need to be a degree of government intervention to assist renters. And there is where Greycoat specialists come in.
Current programs are being utilized to increase the supply of units and assistance available for renters (Bdaily).
Greycoat has some final words on this. They say the number of units available will need to increase for the cost of rental properties to ease the burden on consumers. This is a goal of the ministers in Parliament and the associated committees. Of course, the current situation is three years in the making. The recovery process will take cooperation from Parliament, landlords, and renters.