Almost half of Canada’s multi-residential property tenants prefer to rent, says a new report.
Simplydbs’ multi-residential satisfaction survey results show that 46% of respondents have a preference for rental living. By comparison, only 23% of respondents favour home ownership versus renting.
The study was based on 20,000 responses obtained between May and July 2023. The report includes select data from the company’s Shape Your Space monthly online survey tools.
According to the report, most renters (59%) are very concerned about future rent increases than those quite worried about current rates (15%). Meanwhile, most units with three or four bedrooms rental-housing types fit tenants’ needs.
Single tenants occupy most one-bedroom properties (43%), while units with three or more bedrooms had the most people on parental leave or stay-at-home parents, 28% and 26%, respectively.
But most respondents (32%) do not feel “really connected” to their rental communities.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.