Ksquare condos.It is difficult for the tenant to find the landlord to reduce the price. The epidemic has led to a drop in overall housing rents in major cities in the country. some people in the real estate sector have described it as a rental market dominated by tenants, with prospective tenants having greater power to bargain with landlords.Please Visit: Ksquare condos. to Get Your VVIP Registration Today!
The domestic residential rental website even pointed out that the overall rent in the country has dropped by 6% compared with last year, especially in downtown Toronto, which has dropped by nearly 20% compared with the same period last year, and rents in Richmond and North York have also dropped by about 15% compared with the same period last year.
Rental.ca, a rental website detailing the trend of residential rents in the country, pointed out that the epidemic began in late March last year, when the domestic residential rental market was not yet reflected, but at this time a year later, the residential rental market has undergone considerable post-epidemic changes. Residential rents in China averaged 1714 yuan a month in February, down 6 per cent from 1823 yuan in February last year, according to the website.
However, the decline in residential rents in Toronto is even more serious. According to the website, the rent of an one-bedroom unit fell 19.4% in February this year compared with the same period last year; residential rents in the North York area of many cities also dropped by 15.6% compared with the same period last year; and residential rents in Richmond City, York District, fell by 14%.
Some experienced real estate agents are of the view that the general decline in rents has enhanced the bargaining power of prospective tenants, giving tenants more choices, and at the same time, they will also have more room for bargaining with the original landlords before the completion of the tenancy agreement. The strategy of landlords in the residential rental market offering rent exemption for the first month and other rental concessions in the hope of retaining quality tenants is becoming the norm at this stage.
In view of the fact that March last year was the beginning of the epidemic, many residential tenants who had signed an one-year lease from February to early March last year were already eager to discuss with the landlords the room for rent reduction or whether more rental concessions could be offered.
According to the real estate agent, in order to retain a quality tenant, a landlord agreed to reduce the rent by $400 a month when renewing the tenant’s contract, and the tenant’s rental flat was an one-bedroom plus study flat, with a significant reduction rate.
He understands that the landlord would rather reduce the rent than retain the mentality of a quality tenant, which is more cost-effective than the fact that the tenant is unable to pay the rent and is unwilling to move out.
As far as landlords are concerned, they have to take into account their own actual environment, such as the Ontario government freezing rent increases during the epidemic to help tenants tide over the difficulties. However, some landlords do not want to reduce their rents, pointing out that this has added to their burden of mortgage repayment. They would rather stop being landlords and choose to sell their flats directly, depending on the actual situation of the landlords.
