Apartments.com, a CoStar Group company, has expanded into the Canadian market, the company has announced. The move will provide apartment searchers in Canada with a new array of rental property listings across the country.
As the Canadian population continues to expand and tight market conditions drive rental increases, Apartments.com provides prospective tenants with the fastest way to research and contact properties, the company stated. The upgraded renter experience will also help to support property management companies, as renters are given powerful tools to make informed decisions on which property best meets their specific needs. This means leasing agents don’t waste time chasing poor-quality leads or with delays in research.
Apartments.com’s tools include 3D tours of properties and units, neighborhood profiles, building ratings and property reviews and architectural photography. Through this toolset, prospective renters can assess the walkability of neighborhoods, search nearby transit information, view listings in both French and English, and search neighboring restaurants, schools, and parks.
Apartments.com already features a large inventory of Canadian properties, and listings are expected to increase as more property managers are added to the platform. The company cites the following reasons for why this expansion is well-timed:
- Rental demand has increased forcefully due to surging population growth as Canada re-opens its borders from the pandemic. At the same time, rising mortgage rates are making a new home purchase less appealing and financially viable.
- New rental apartment construction is running at a historical high in Canada, with data showing more than 42,000 units under construction. In fact, Canada is building many more multifamily rentals than the US on a per capita basis.
- A significant number of Canadians are looking for new alluring properties with the annual national rental growth reaching 8.3% in Q4 2022, especially in markets like Toronto and Vancouver.
“Since 2014, Apartments.com has been a trusted, easy-to-use platform for in-depth information about rental properties and we’re excited to debut this digital platform in Canada,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Canada is an important market and we’re excited at the prospect of providing millions of people with better listings, clear search results and a wealth of information to ensure a high-quality experience for all users.”
For more information, visit https://www.apartments.com/.