Based in Toronto, Canada, Mehran Redjvani has over a decade of experience in the real estate industry. Mehran has made a name for himself selling both residential and commercial properties in the Toronto suburbs. Mehran prides himself on his excellent client relationships as a result of his hard work, integrity, and his understanding of the ever-evolving Toronto real estate market.
Originally from Australia, Mehran Redjvani started his career in Sydney, working as an actuarial consultant at PricewaterhouseCoopers (PwC) and as an investment banker specializing in mergers and acquisitions of financial institutions at Deutsche Bank. Mehran then made a move to Canada, where his career path changed. He attended the Richard Ivey School of Business at the University of Western Ontario, where he graduated with his Masters. Upon graduation, Mehran joined ADL, where he served as the Director of Business Development and Sales.
After six years at ADL, Mehran Redjvani changed his career path and became heavily involved in commercial and residential real estate. When he was first starting, Mehran brokered real estate deals in Ontario, Australia, and Florida. Selling in different markets has helped him develop his skills as an agent. Over the past several years, Mehran has come to find his place in the real estate market. Whether he is leading a $5 million commercial plaza deal or helping first-time buyers purchase their dream home, Mehran knows what it takes to make a deal successful.
Today, Mehran Redjvani is solely focused on selling and working in Canada. Mehran brings his clients unparalleled knowledge from his years of experience and his unique career background. Apart from his work in the real estate industry, Mehran is passionate about giving back to his community. Mehran is involved with both the Children’s Miracle Network and SickKids Hospital in Toronto. Mehran continues to make his philanthropic endeavors one of his top priorities and puts the same care into serving his community that he does serving his clients.
For more information about Mehran and his real estate career, check him out on social media!
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The Rise of Rental Properties in Toronto, Canada
The demand for rental housing has been slowly and steadily growing over the last ten years. The need for rental properties in Canada is overtaking the need for homeownership and driving rent prices up. Renters currently occupy Thirty-two percent of the country’s homes while homeownership has fallen below 68.9 percent, making it the first drop since 1971. Ontario is also home to over 62,000 new rental properties, which is the most significant construction jump since 2015-2016.
While average rent prices are rising to match the demand of the market, individuals are still making a move to cities like Toronto. They are looking to rent instead of buying property in the oversaturated market. With the increase of renters, comes the rise of properties and amenities in hot markets. Currently, the average rental price for a 1-bedroom in Toronto is $2,290 per month. But what is driving individuals to move to rentals?
Passive Income
Rental properties are picked up as a way for individuals or companies to build passive income. Passive income is earned by doing little to no daily work to maintain it. These properties are not occupied by the owner but by individuals or a family looking for a place to live. Real estate experts believe that investing in rental properties is pushing up the price and forcing more people into the rental market.
Property Prices, Size, and Trends
In 2019, the average rental price across the country was $1,875, while the size of the property decreased to just under 933 sq.ft (86.6 sp. m). The cost of a unit is continuing to rise while the size is decreasing. But this is also true of owning a house in the city or the suburbs. The increase in property prices is changing how individuals spend their money in the real estate market.
But even with the increase in pricing, housing trends are changing, and people are looking for spaces that can offer them more amenities and less maintenance. One of the biggest draws to renting is flexibility. Renting allows anyone the ability to pick up and move once their lease is over if the renter chooses to do so.
Low Vacancy Rental Rates
As mentioned earlier, Ontario is home to over 62,000 new construction rental properties this year. Larger cities like Toronto have seen an increase in the number of rental properties, but they still haven’t been able to match the demand by real estate market consumers. In December of 2018, the Canada Mortgage and Housing Corporation reported that the vacancy rate in Toronto declined to 2.4% for the second year in a row. With a rise in international migration mixed with an aging population and employment growth in younger generations, the rental market has been stimulated through the demand for more rental properties.
