THZ Report: November 2023
ABOUT
These numbers reflect rental unit and rental search posts at the moment that they are approved in Toronto Home Zone from November 1-30 2023. It does not include declined posts.
Gathering, anonymizing, and summarizing this information is a painstakingly long process, so my goal with this first report is to identify what to focus on going forward. I haven’t included all of the stats here for November, just what seemed initially useful for people currently searching for rentals/tenants/roommates. At the end of this report is a list of the remaining data points I’ve collected.
Share your thoughts back in the group with questions you have about the data, what you find useful, and what you'd like to see more of in future reports.
As always, happy renting.
-Deneille
HOUSING SPOTLIGHT
Swapping Sublets with Nadia C
November brings a large number of temporary housing posts to THZ, as members plan to escape Toronto’s slushy streets for the holidays.
A refreshing take on the usual sublet, Nadia C is offering to swap their charming Brooklyn, NY apartment for a month while they visit home for the holidays.
Nadia’s post immediately received lots of interest. As of December 5, the post has reached an estimated 22,221 individual THZ members.
I hope to see more posts like this in THZs future. For a great example of how to have an apartment swap approved in THZ, take a look at Nadia’s post here!
Before the report, let’s go over some definitions.
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Intended Long-Term refers to posts offering housing that has no defined end date. This includes RTA protected leases and roommate agreements where the poster is looking for a permanent housemate.
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Intended Temporary refers to, you guessed it, housing that has a defined end date. This includes sublets and roommate agreements where the poster is looking for someone for s specific period of time.
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NOVEMBER REPORT
This is a count of the housing offers posted between Nov 1 - 30 2023. Where a member reposted the same offer, only the most recent post is included in this data.
Expectations appear to be meeting reality. At least in THZ.
The average rent for a private bedroom (long-term intended) in a shared unit was $1309, which is not too far off from the average posted budget for those seeking a room.
The expectations of what someone might spend versus the realities of prices for entire units are not far off from each other. This may be due to a number of factors, notably the pricing cap that we set in the group to make sure the majority of posts meet the financial needs of our members.
Currently our maximums are set to $1750 for a bedroom in a shared space, $2800 for a 1 bed unit, and $3400 for a 2 bed unit. My hope is that as we continue to collect data about budgets, these reports will help inform these caps each year.
Only 41% of the private rooms posted were covered by the RTA through a joint tenancy, new lease, or lease assignment.
I'll be watching this number as it is predicted that as mortgage renewals come up and the cost of living increases, more owners will take on roommates, and more tenants will try to reduce their portions of rent by doing the same. This is an issue for anyone looking for a permanent place in a shared unit - you can be evicted at any time without cause. For people seeking a long-term room I highly encourage you to persuade leaseholders to add you to their existing lease. If you share a kitchen or bathroom with the owner of the unit, however, you don’t have any real recourse for this.
The majority of entire units posted to THZ are still rent controlled.
This is another indicator I’ll be watching closely over the next year. A decrease in this number is bittersweet; if the City of Toronto and the provincial government manage to increase the number of available units to bring down costs, the percentage of rent controlled units may decrease in comparison over time.
This doesn’t mean rent controlled units will disappear, but does mean the new units will start to have greater impact on the prices in THZ. At the moment, their impact is minimal, especially due to our pricing cap.
As I watch this statistic, I’d like to hear from members about their thoughts and theories on rent control’s influence on the rental market over the next year, and include those perspectives in the upcoming reports. Share your predictions below, or comment back in the group. Please do not use this form to submit questions. See my note at the end of the report for instructions on that.
MEMBER SPOTLIGHT
On the Hunt with Arham S
Arham is looking for his next home and roommate! Will that be you?
I got to know Arham a little bit over creating this report.
Are you a tea or coffee person?
Definitely a coffee person but I do indulge in some tea time here and there!
Describe yourself as a roommate in 5 words.
Caring, Neat, Organized, Open Communicator, Emotionally-Aware.
With a healthy budget ($800-$1200 is in the range of most rooms posted to THZ!), he can be your next city exploration buddy.
Check out his post, send him a message, or boost his search by commenting here!
Location! Location! Location!
Arham is not the only one with an eye for Toronto’s West End. If you’re currently searching for a unit or room, take a look at the chart below to see where most offerings in THZ are located. Expanding your preference for location may help you land a rental sooner.
THE OTHER NUMBERS
The statistics in this report are not the only data I collect, only what I have chosen to present for this initial pilot. I’d like to focus my efforts on the most useful and relevant information for renters and owners. Below is a list of what I collect. Use it to suggest additional statistics for future reports by sharing your thoughts in the form above or back in the group.
For every OFFERING post that gets approved in THZ, I collect:
The total number of bedrooms and bathrooms in the unit, and type of unit (house, townhouse, basement, etc.)
What is being offered: bedroom, entire unit, den, other space, multiple rooms
When it is available
Type of agreement (and duration, if intended to be temporary)
The major intersection
If it is rent-controlled
If it is a repost
I do NOT collect member personal information.
For every SEEKING post that gets approved, I collect:
Budget range
If the post mentions: general location, pets, parking, dependents
Desired move date and lease terms
Questions or suggestions?
Engage with me back in THZ about this report. I will only respond to questions that are posted as comments. I will not respond to direct messages regarding the report.
