I have been in the rental housing industry for over seventeen-and-a-half years now and I have heard a lot of dumb things said in meetings with clients, customers, and colleagues. I thought I couldn’t be surprised anymore, but this past weekend, while reading the Saturday edition of the Toronto Star (April 24, 2021), I burst out laughing at the dumbest thing I have ever seen written about rental housing.
What made me laugh was a comment made by a housing consultant who works for an online apartment listing service, quoted in an article about recent Toronto apartment pricing trends written by the Star’s real estate reporter, Tess Kalinowski. You can read the article here.
Here’s the consultant’s comment:
“I imagine some tenants are trying to time the bottom.”
That does not happen in real life. And that is the dumbest thing I have ever seen written about rental housing.
That simply does not happen in real life, and suggesting it is dumb—full stop. Timing the bottom is an investing term and has no place or relevance to renters and rental housing. What’s next, “rent the dip?” Or renters should “short rents?” Just like investing in the stock market, timing the bottom, buying the dip, shorting bull markets, or being a bear are almost always losing propositions over the long-term.
Developers: choose your consultants wisely!