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Shaping the next era of Canadian rentals: Insights from the 2023/2024 snapshot report
By Peter Altobelli, Vice President and General Manager, Yardi Canada Ltd.
The Canadian multifamily rental landscape is rapidly evolving, making it essential for housing providers to stay informed about emerging trends. However, much of the industry data available is outdated, creating challenges in effective planning and management. The 2023/2024 Canadian Multi-Residential Marketing & Leasing Snapshot Report by simplydbs is a vital resource.
Drawing from surveys of 20,000 tenants and housing providers across 400,000 units in Canada, this report reveals significant gaps between what renters want and what housing providers offer. Understanding these gaps is crucial for staying competitive in an increasingly dynamic market.
Bridging the online divide
The report uncovers a disconnect between how renters and housing providers approach online property listings. While many housing providers prioritize internet listing services (ILS) for marketing, renters show a strong preference for property-specific websites (PSWs). The findings show that 92% of tenants consider a PSW essential or nice to have, while 76% still find ILS sites important during their rental search. To meet tenant expectations and improve retention, housing providers should enhance their property-specific websites. This not only boosts visibility and builds trust but also creates a more personalized experience that resonates with prospective tenants. In a market where online impressions can make or break a rental decision, a compelling PSW is no longer optional—it's a necessity.
Responding to tenant expectations
Effective communication plays a vital role in a tenant’s decision to rent and stay at a property. The report highlights the importance of response times in tenant satisfaction, noting that 87% of renters are comfortable with a response time of up to 24 hours for inquiries.
Using a 24/7 omni-channel chatbot can help meet this expectation, allowing onsite staff to focus on higher-value tasks like in-person tours. This immediate engagement can be the difference between securing a lease and losing a prospect, especially in today’s fast-paced rental market. Additionally, swift communication enhances the tenant experience, fostering long-term loyalty and reducing turnover rates.
Tackling
the rise in rental fraud
Fraudulent rental applications are becoming more prevalent across Canada, posing a significant risk to housing providers. The report shows that 41% of housing providers have seen a rise in bad debt from unpaid rent due to fraudulent applications, with an increase of 1-10%, while 14% report an
even more concerning rise of 11-30%.
These findings underscore the importance of strong identity verification processes to protect against fraud. Providers who fail to address this issue may face financial losses and long-term damage to their reputation, making it harder to attract quality tenants. By investing in advanced fraud prevention tools, providers can safeguard their assets and maintain tenant integrity.
Embracing digital transformation
Digital tools are indispensable in today’s rental market. The report reveals a strong demand from tenants for mobile technology, with 88% of tenants using a building app to manage maintenance requests and 72% wanting an app for package delivery notifications.
Housing providers who integrate these digital solutions into their operations can improve resident satisfaction and streamline their processes. Moreover, these tools offer data insights that help providers anticipate tenant needs and proactively address issues, further enhancing the living experience. Embracing digital transformation not only meets current demands but also positions providers to adapt quickly to future trends, ensuring long-term success in an increasingly tech-driven market.
Closing the gap
To remain competitive, housing providers must bridge the gap between renter expectations and the services they provide. The 2023/2024 Canadian Multi-Residential Marketing & Leasing Snapshot Report offers actionable insights that help attract, convert and retain quality tenants, leading to improved satisfaction and operational efficiency. For a comprehensive look at these findings, download the full report at simplydbs.com/ marketing-leasing-report.
To learn how technology can help you stay ahead, visit yardi.com.