Toronto is Canada’s largest city and offers a wide range of neighborhoods. With so many diverse neighborhoods, Toronto provides excellent opportunities for rental companies. Toronto also has a booming rental market and strong demand for housing, so it is important to identify the neighborhoods that offer the best rental prospects. In this blog, we will explore some of the top neighborhoods in Toronto based on factors such as affordability, amenities, proximity to transportation, and rental yields. Whether you have experience with renting out properties, or you are a first-time landlord, this blog will reveal the most sought after neighborhoods in Toronto.
The Annex:
The Annex is located in downtown Toronto, and is a vibrant and sought-after neighborhood. It is known for its historic charm and convenient location. Located close to the University of Toronto, The Annex attracts many student renters from around the globe. Statistics show that 74% of residents in The Annex rent their homes (Park, 2022). While rental prices in The Annex are considered a bit high, the rich cultural scene and easy access to transportation make it attractive to professionals, students, and families alike.
Liberty Village:
Liberty village is an up and coming neighborhood in Toronto’s west end. This neighborhood offers modern condos and a wide range of rental properties. People enjoy the area’s vibrant atmosphere and recreational facilities. In this neighborhood you’ll find many young professionals, especially those working in tech and creative industries.
Yonge and Eglinton:
Yonge and Eglinton is a bustling neighborhood located in Midtown Toronto. There is an abundance of shops, restaurants, and entertainment options in the area. The neighborhood has a mix of high-rise condos, apartments, and rental houses. Many people like this area due to its proximity to public transportation, namely the Yonge subway line. The strong demand for rental properties along with the enjoyable atmosphere makes it a great choice for investors seeking stable rental yields.
Leslieville:
Over the years, Leslieville has transformed into a hip, family friendly area. Leslieville is also known to have a thriving arts and culture scene. Residents enjoy the community feel of Leslieville along with its proximity to cafes, parks, and local boutiques. Leslieville properties are expected to hold value well into the future, making it a perfect place for investors (Park, 2022).
North York:
North York is situated in the northern part of Toronto. It is a rapidly growing area with many new developments. North York has a few notable malls such as Farview and Yorkdale mall. It also has easy access to highways and multiple transit options. Compared to the other areas, North York is on the more affordable side and provides a good balance between affordability and convenience.
Identifying the most popular rental neighborhoods in Toronto is a crucial step for investors and property management companies. In addition to identifying the top neighborhoods, utilizing a reliable property management software can greatly enhance the success of managing these rental properties. By using technology to enhance property performance, landlords can maximize their rental yields in these top neighborhoods in Toronto. To learn more about our property management software services at Payquad, Book your demo now!
Reference:
Park, G. (2022, March 2). The 5 best neighbourhoods to invest in real estate in Toronto. liv.rent blog. https://liv.rent/blog/landlords/the-best-neighbourhoods-to-invest-in-real-estate-in-toronto/
