Will Retiring Boomers Crowd The Rental Market?
We are noticing a major change in America where boomers are competing with millenials in renting properties. The changing demographics with older Canadians who are beginning to flood the market in years to come pushing up rents and pushing up the construction of rental housing. It’s the combination of their sheer size and the increasing motivation to downsize.
- Former homeowners will vie with millenials for multi-family rentals.
- They don’t pay property taxes or stata fees and will be prepared to enter into long term rental leases.
This trend is also taking place in the U.K. with specialized rental complexes being developed for senior communities.
In Victoria we have seen a number of new rental apartment buildings already built or under construction with extremely low vacancy rate in the Region.
We can expect to see a huge surge in the demand for rental housing and there is not enough to meet the demand.
This pressure on rental housing is expected to severly hit the low income renters/families in a market with already high price homes.