Roommate rates and rent prices keep climbing

Shared living is getting more popular as renters seek affordable options.

According to Rentals.ca, “Vancouver and Toronto, two of Canada's most expensive metropolitan areas, have experienced a notable increase in condo units where owners are subletting spare bedrooms.” Even single-family homeowners are renting out their spare bedrooms.

As a result, across British Columbia, Alberta, Ontario, and Quebec, average per bedroom rents surged 8.0% annually to a record high of $1,011 in September, with the highest rents in BC ($1,211) and Ontario ($1,106).

Additionally, multigenerational households have grown nearly 50% over the past decade, reaching one million as families and friends pool resources to manage high housing costs.

Other non-traditional living arrangements are also gaining traction, such as unrelated parents who move in together along with their respective children and extended families.

Property managers can cater to the increasing demand for roommate and co-living arrangements by:

• Targeting owners of multifamily homes and apartment buildings to add them to your portfolio. In addition to higher total rents than single-family residences – and hence higher rent-handling commissions – you can offer high-value rental administration with the aid of modern PropTech platforms.

• Leveraging social media and niche platforms. Market properties on platforms that cater to younger audiences and those seeking roommates, such as Facebook groups, Craigslist, or Roomies. Tailor your listings to highlight the benefits of shared living, like affordability, convenience, and community.

More renter behavior headlines

Subletting in Ontario: what are your options as a property manager? – PayProp blog

This international student found affordable housing on a roommate-matching site – Maclean's

Why your next tenant may be a senior – PayProp blog