Housing affordability and supply continued to make headlines during 2024. As development stalled and home sales faltered, multiresidential rental has played an even greater role in housing Canadians.

As we start to plan for the 2025 Canadian Multi-Residential Resident Study (CMRS), our Shape Your Space circular feedback portal and the second annual Student Living Index (SLI), we are taking time today to look back on some of the key stats from 2024 that we will be watching, tracking and measuring in the coming months.

1. Multires demand trends

• Renting is first choice for more than half – Fifty-two per cent of respondents said their overall preference is to rent while 48 per cent would prefer to own their home.
• Rising rents are a worry – More people were worried about rising rents in 2024. Up five per cent from 2023, 92 per cent of residents we asked were worried about rents rising in their city, and 64 per cent of those stated they were "very concerned."
• Inflation blamed for higher rents – Twenty-seven per cent of respondents think the reason for rising rents is inflation. The next most-cited reason is a lack of supply. Eighteen per cent said not enough rental housing is being built.
• Most tenants plan to stay put – Thirteen per cent of respondents to the CMRS 2024 survey said they were looking to move, while 28 per cent were unsure about their plans in the next 12 months.

With rental rate growth slowing, lower interest rates, reduced immigration and a cap on international students, we will be looking at how these opinions could shift in the coming year.

2. Multires marketing trends

AI is impacting how people look for their next rental property but no technology yet has fully replaced an in-person visit to see the home and community respondents are considering moving into.

• Iffy on AI – Twenty-one per cent would be comfortable using AI for their entire rental search, leasing and move-in process, Eighteen per cent were unsure and 61 per cent said they would not use it. As AI becomes more integrated into our daily lives, this will be one of the key metrics we will be watching closely.
• Tech, definitely – People are embracing technology to enable them to view their rental property. Virtual, interactive and 3D tours of properties are preferred by 87 per cent of respondents. Over a third (35 per cent) stated it is essential for them to be able to see a virtual tour of the available suite.
• In-person No. 1 – Nothing yet comes close to in-person tours, however. Ninety-seven per cent still prefer to see their future home in-person and 81 per cent of those say it’s essential to their decision-making process.
• Google reviews vs. social media – Which should you invest your dollars in? In 2024, 46 per cent of residents across Canada told us they consider Google reviews essential in their rental search, with an overall preference rate of 92 per cent. Reviews posted on social media were essential to 18 per cent and had an overall preference rate of 63 per cent. Google reviews have become a required and valued component in the search for a new rental.

3. Multires development trends

It is a universal truth that your home could always be bigger. Responses from our surveys bear this out. Responses also demonstrate the types of fitness amenities, flex spaces and balconies people are looking for in rental homes.

• Space trumps amenities – Sixty-one per cent of respondents indicated they would choose a larger suite with less amenities, and pay an extra 10 per cent per month, over a smaller suite with enhanced building amenities and social spaces costing 10 per cent less per month.
• Balconies your best bet – Traditional balconies are essential to over 80 per cent of respondents and are preferred over shared, luxury outdoor space. That said, respondents would trade their regular balcony for a Juliette balcony if the suite was larger.
• Nice to have net zero - Thirty-nine per cent of respondents said they would pay more to live in a net-zero property.
• Park parking – Twenty-two per cent told us they did not need parking.
• EV Future – Sixty per cent either have or are planning/considering buying an EV, while 40 per cent of the respondents we asked are not considering an EV at this time. We will be monitoring these numbers to see if the number of EV owners increases proportional to people’s interest.
• In situ stretches – Seventy per cent would prefer free access to fitness facilities with limited equipment in their building over a full-service gym nearby that offers a discount to residents.
• Flex spaces – We asked where residents wanted to work when at home. Eighty-eight per cent said flexible space in their suite, while 61 per cent said they would work in a co-working space in their building. Residents will use workspace amenities in a building but the overall preference trends toward flexibility. Within each suite and amenity space, the more outlets and charging ports the better! 

Age and other demographic markers have a tangible impact on preferences related to space and amenities. It is crucial to consider the market in which you are building, to ensure the right mixture of both.

4. Resident communication trends

• Resident portals wanted – More than 50 per cent of respondents who have a portal for 24-hour feedback use it. Two-thirds of those who do not have a 24-hour feedback portal, want one.
• App usage numbers – We asked students in our annual Student Living Index Survey what they use on their apps. The top three usages were: paying utilities (75 per cent), controlling their lights (74 per cent) and signing their lease with a digital signature (73 per cent).

What did those without the desired features want? They wanted to receive package delivery notices (74 per cent), find discount codes with local partners (74 per cent) and see how busy amenity space is (72 per cent).

When we asked about app usage in our CMRS survey, the way residents interacted with property apps differed from the way students use them. It is necessary to know your audience when building functionality into an app.

From an advocacy, marketing/leasing, development and operations perspective, what questions are you and your teams wondering about? Connect with the simplydbs team to let us know what is important to ask in 2025! When we work together - we all benefit!