All those twenty-something echo "kids" who have been living at home in the wake of the 2008 recession seem to be finally moving out of their childhood bedrooms and into the real world now that job prospects are looking brighter.
Only problem is, they are fuelling some of the most intense demand for rental accommodation seen in Toronto in the last 20 years.
"Huge pent-up demand" among 25- to 30-year-olds, combined with more people opting to rent rather than buy since the condo market started softening last summer, is putting significant pressure on Toronto's rental market, says Canada Mortgage and Housing Corporation market analyst Shaun Hildebrand.
Demand, especially for rentals in brand new downtown condo buildings, has been unrelenting right through the usually quiet winter months and bidding wars have become commonplace as folks like Nicole Shlass, 25, prepare to move out of family homes and into the heart of the city.
"Now I feel really bad for my clients when they don't get a place, because I know how devastating it can be," says Shlass, a novice realtor who has helped dozens of people find downtown rentals, but was recently beat out for a two-bedroom condo on Portland St. she'd hoped to share with a girlfriend. Read More News>>