Rents in many cities are high and rental properties are becoming increasingly difficult to afford. One exception to this is Montreal, where “average rent for a two-bedroom apartment in the Montreal metro area is $760. The Toronto average is $1,288. In Vancouver, it’s $1,368.” Why is that? Well there are a number of reasons, but as this The Globe and Mail point out, a key reason is the basic economics of supply and demand. But there is more to it that just that, and I’d recommend you read the piece to find out why.
I’m not sure if other expensive cities can replicate this, but it’s worth knowing it can be done and using this knowledge in cities where politicians and others try to limit rental stock.
The migration from rural to urban areas is going to continue for some time. People need more places to live. Let’s hope other cities can learn from Montreal.
(Quote from the article, image from Wikipedia)