How Technology Is Changing Apartment Rental In Canada

How Technology Is Changing Apartment Rental In Canada

April 27, 2017 Off By Phil

Since the dawn of the Internet age, Canadians have seen many aspects of their lives transformed by networked devices and apps. Curiously, however, the process of renting an apartment hasn’t changed dramatically in the past fifteen years. The rental market remains a highly fragmented, localized industry. Face-to-face interactions and personal relationships remain deeply important in the world of rentals. However, it is clear that technology startups will slowly but surely change how Canadians find and rent apartments.

Early real estate tech startups focused on providing improved data-gathering and analytics for tech-savvy landlords. Today, there seems to be a large untapped market for services directed towards apartment seekers. The need for these services is particularly acute in larger cities and metropolitan areas. Already, a number of tech startups have gained prominence by providing services for apartment rental brokers. In time, technological disruption of this industry may well make these brokers partly or completely obsolete.

Five years ago, Craigslist was essentially the end-all and be-all for finding an apartment in downtown Toronto. Though plenty of people still browse this site, there’s no doubt that many members of the public are looking for something more. The most innovative apps for renters cut out intermediaries to streamline a process that is often all too complex. Apps like these might allow people to browse available apartments and schedule showings in one handy platform. In the future, partly automated rental apps may eliminate the time-consuming task of emailing and calling individual owners. Furthermore, apps could obviate the need to pay exorbitant broker’s fees.

Technological Tools For Finding Roommates
Furnished apartments in major Canadian cities are often very expensive. Living with roommates is one popular way to bring luxurious Toronto furnished apartments within the means of ordinary Canadians. Generally, people looking to rent apartments in the city of Toronto hope to find responsible, trustworthy roommates. A number of popular apps match like-minded people together in comfortable living situations. Roomi is one such app that has already attracted over 375,000 users in North America alone.

HomeSuite is another interesting service that is currently aiding Canadian apartment seekers. This website fills an important niche between Craigslist and Airbnb. Craigslist mostly lists traditional, monthly apartment rentals. On the other end of the spectrum, Airbnb is geared towards people seeking daily vacation rentals. Homesuite offers a valuable middle ground between the two types of rentals. While the technological disruption in apartment rental has been slow as of yet, the rate of change should increase soon.