Renting a place in 2022? Here’s what you should know first

BNN Bloomberg interviewed a variety of experts about the trends taking shape this year, and to gather advice for those looking to rent a home.

Last year, Noélla Ingabire listed a two-bedroom Toronto condo for $2,500 per month around May and barely had a handful of applications. Just months later, in September, she relisted the same unit and immediately got more than 30 potential tenants outbidding one another. Ultimately, the realtor rented rented out that condo for $4,000.

That’s just one of many cases illustrating the frenzy happening in the Canadian rental market.

BNN Bloomberg interviewed a variety of experts about the trends taking shape this year, and to gather advice for those looking to rent a home.

Are rent prices going to rise in 2022?

Demand is extremely high and activity in January hasn’t been slow like it typically has been in previous years, according to Karen Yolevski, chief operating officer at Royal LePage Real Estate Services Ltd.

She said people continue to put out application after application for new rental listings. “It’s a hot market no matter which way you look at it,” Yolevski said.