Canadian Apartment (Magazine?) posted last week an article about “rent slippage” among multifamily rental properties caused by the pandemic. The article was written by Barbara Carss of Canadian Property Management. The article can be read in full via the following link. https://www.reminetwork.com/articles/multifamily-rent-slippage-deemed-temporary-blip/ Most of the article reports on the findings of an index prepared by MSCI which tracks net operating… Read more »
One thing that developers often wonder about is the effect new rentals have on vacancies. Does delivering a bunch of newly constructed rental units to a (housing) market cause vacancies to increase? Or will there be no affect? Everyone will agree that delivering a relatively small number of new units to a large housing market will probably have little or… Read more »
Late last year I wrote a post (dated September 21, 2020) which used Census data to answer the question, “What are renters renting in Niagara?” I found that the bulk of Niagara’s renter households are most likely to rent detached houses and units in multi-unit buildings with less than five floors, followed by multi-unit buildings with more than five floors…. Read more »
This past Saturday (November 6th) the print edition of the Toronto contained an interview with Dennis Mitchell, the CEO of Starlight Capital. In the interview he was asked how Starlight’s “multi-residential properties” did during the pandemic. His response: The businesses that we own collected well north of 90 per cent of their rent during the pandemic. Actually, during the recovery… Read more »
This post is a follow up to my previous post last week (dated September 22, 2021) which examined the “gap” in average rents between 1B and 2B units in southern Ontario’s twenty largest cities. In that post I found that the gap in average rents shrank from 2010 to 2020, implying a convergence in 1B and 2B rents, which I… Read more »
In a previous post (dated August 4, 2021) I examined the contribution to rent revenues that 1B and 2B purpose-built rental units make and found that 0B and 1B units contribute a lower percentage to estimated total average rent revenues than their percentage of rental supply. In this post I’m going to take a look at the “gap” between average… Read more »
Data shows that 1B and 2B rental units are by far the most plentiful unit types, together making up over 80% of all purpose-built rental units in southern Ontario’s 59 largest cities and towns. This means they contribute the bulk of rent revenues. However, 1B and 2B rents are often quite different, and the different quantities of each unit type… Read more »
In this post I’m going to revisit a topic I looked at in a post dated March 18, 2020: rent increases on turnover. In that post I compared several scenarios in which a hypothetical landlord raises rents by different amounts on turnover. I found that even in high vacancy markets in which large rent increases mean units might sit vacant… Read more »
I remember that the first serious job I had to do when I started as a consultant in the rental housing industry (in my first week!) was to review a rent roll for a high-rise rental building in central Toronto, an older concrete slab tower almost entirely composed of 1 bed and 2 bed apartments. The landlord had kept reasonably… Read more »
By now we’ve all heard the famous quip thrown around by an online celebrity talking about equity markets in the United States: “stonks always go up!” Although it’s not true when talking about individual stocks, it’s definitely true when talking about broad-based indices such as the S&P500, at least over multi-year periods. There has been much discussion in Ontario about… Read more »
