$1000/m for a Den? Toronto’s New Rental Reality is Good News for Investors
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Speaker 1: This article is from CTV and the headline is, “$850 for a den? Renters forced to turn to tiny accommodations.” It’s talking about the rental market in Vancouver and people are now advertising their den spaces within their condos, renting them out as much as $850 a month. You see some images here on the article where the dens are extremely small, barely enough to fit a mattress on the floor kind of a thing. This is a reality. This is happening not just in Vancouver. This is happening a lot in Toronto as well and this is the exact reason why I’ve been recommending to my investors for the past several years to look at purchasing one bedroom and den condos, or two bedroom and den condos, where the den is large enough to fit a bed, or at least a mattress.
This is going to continue to be a trend moving forward. In Toronto, I mean, $850 actually when I saw this, I thought, “That’s really cheap.” You can rent out a den in most downtown condos probably for around $1,000 a month, maybe even as much as $1,200 a month. I mean, think about it. When a studio apartment now … The average studio apartment, if you want your own space, the smallest possible space getting a studio you’re looking at around $1,650, $1,700 a month. That’s the average price now for a studio. To get your own sort of room within a condo for say, $1,000 a month, that’s cheap. That’s very cheap.
This trend is going to continue. Something to watch and it’s another reason why as an investor you want to look at buying units with dens. If you do buy a den, my tip is make sure at least one dimension is eight feet. If you have at least one dimension that’s eight feet wide, that’s going to be large enough to fit pretty much any size of a bed. Ideally, you want to get something like eight by eight, or larger, but even if it’s eight by six, technically you could still … That could still be used for renting out. Okay, there you have it. I hope you enjoyed this interesting article.