Purpose-Built Rental Trends in the GTA
Sync or Swim: The Multifamily Growth Show
Release Date: 03/11/2025
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info_outlineIs the GTA housing market oversupplied or just misunderstood? In this episode of Sync or Swim, host Max Steinman takes a deep dive into the purpose-built rental market with industry leaders Chrystal LeBlanc (BGO), Michelle Calloway (Fitzrovia), and Todd Spencer (Park Property Inc.). Together, they explore how their organizations are responding to shifting renter preferences, navigating condo oversupply challenges, and redefining the rental experience in the Greater Toronto Area. Tune in for expert advice on navigating Toronto's rental market, practical strategies for adapting to evolving renter expectations, and inspiring lessons from exceptional leaders shaping the future of multifamily housing. Whether you're a property pro, a curious investor, or simply interested in where Toronto’s housing market is headed, this episode will leave you informed, inspired, and ready to take action!
Key Points From This Episode:
- Purpose-built rental developments in Toronto: affordable, downsizer-friendly, and amenity-rich.
- Market insights into rental oversupply and condo saturation impacting prices and demand.
- Key distinctions between condos and purpose-built rentals (and why purpose-built is better!)
- Michelle’s take on the decline in foreign student demand in Toronto rentals.
- Growing demand for flexible lease terms, dedicated workspaces, and personalized leasing.
- Insight into the customer service evolution needed to meet changing renter preferences.
- Strategies the panel has implemented to reduce “shopping around” and close deals faster.
- Hospitality-inspired practices that are key to elevating the resident experience.
- Reframing renting as a choice, emphasizing security, community, and modern amenities.
- Combatting negative stigma around renting and landlords by creating great experiences.
- New language, fostering renter dignity, and leveraging technology to change perceptions.
- The panel’s reflections on the “promise of Toronto” and why they remain optimistic.
- Why collaboration and knowledge-sharing among industry peers is critically important.
- Reasons to create community “stickiness” and what it can to do reduce tenant turnover.
- Some of the most rewarding aspects of being in the purpose-built rental industry.
Quotes:
“We need to be better at saying why purpose-built rental is different [to condos]. We think about our residents – 24/7 – We need to work harder in the sales pitch to highlight what that means: that our service levels are higher [and] our systems are better.” — Todd Spencer [0:10:26]
“You can spend all the money on marketing in the world, but if you don't step in that front door and have a consistent experience with what you see – online, it can fall flat really quickly.” — Chrystal LeBlanc [0:13:46]
“What I always say is we don't have 500 suites. When a prospect walks in the door, we have three suites for you based on your budget, your family, what's important to you, [and we only show] suites that are right for that prospect.” — Chrystal LeBlanc [0:19:37]
“If we want to be recognized as world cities, we need to behave like world cities. In the rest of the world, renting is not a stigmatized activity. It's actually the dominant housing ecosystem in most major cities in the world.” — Todd Spencer [0:25:19]
“We need to be better at sharing insights with each other in the industry. I invite everybody to come tour my assets not because they're new and shiny but [because] I want to hear what you're doing too. That's going to raise us up altogether.” — Michelle Calloway [0:35:28]
“The [purpose-built rental] industry is changing since I joined 10 years ago. That – excites me. We still have a long way to go. We're not there yet, but I can't wait to see where we go.” — Michelle Calloway [0:40:39]
Links Mentioned in Today’s Episode:
Toronto Rentsync User Roadshow 2024