For as long as we can remember, the dream involved falling in love, getting married, and buying some property. In the housing market in Toronto however, more millennials are finding that renting first may be more practical then leaping into an expensive down payment on a home or condo.

In this article, we will explore the many reasons renting in Toronto is becoming more of a viable option for millennials.

  1. The rising GTA housing/condo marketrenting vs owning 

Houses in Toronto and the GTA continue to climb. In fact, they have raised 16.2% since April of 2015. In April 2016, the average sale price of a Toronto home was $739,082 according to the Toronto Real Estate Board. With the average yearly income of 25 to 34 year-olds living in Canada hovering around S34,700 in 2011, combined with these soaring prices, buying the dream house with the backyard, or the downtown condo is becoming more of a challenge. This has resulted in many finding more affordable apartment rentals in great Toronto neighbourhoods.

  1. Renting can be cheaper in most cases

Average Rent in Toronto: $1,103

Average Mortgage Payment in Toronto: $1,465.96

This is what it costs to buy an average-priced apartment vs. renting a one-bedroom unit in Toronto. Source: The Huffington Post

Often, you will rental prices can be much lower than the standard monthly mortgage payment – especially in the GTA.  In the event where the monthly mortgage rates and monthly rent are comparable, you still aren’t on the hook for major upgrades, renovations, repairs, that come with home and condo maintenance. When you rent, repairs and maintenance involve a simple call to the landlord or rental office.

  1. Toronto renting freedom Renting gives you freedom

Renting gives you the freedom to move much easier than owning a home. Leases are usually short, lasting only 12 months. When you’re ready to move on, you can pack your things and move one. However, when you own your home, the selling process can take longer than your think. Especially when the home you own requires significant upgrades that meet the demands of prospective buyers in the GTA housing market.

  1. Renting will open up your schedule

Keeping your home in prime condition takes a lot of effort. Garden work, renovations, repairs, painting, and many little projects begin to take over your weekends and any free time you thought you had. When you rent, things like that become the landlord’s responsibility.

  1. Renting allows you to live wherever you want

Apartment rentals in Midtown Toronto for example, are affordable and put you in the heart of one of Toronto’s best places to live. However, buying property in a place like Yonge and Eglinton can is a very expensive proposition. Renting allows you to put more money away to invest in a home while allowing you to live in some of Toronto’s best locations – at a fraction of what becoming a homeowner would cost.

 Photo: Balliol Park – Shiplake Properties – Yonge and Eglinton

  1. You can enjoy being mortgage-freerental balcony

Being a homeowner in most cases, means you have committed yourself to likely the most significant amount of debt you will have. Not to say that entering into a mortgage isn’t always a bad idea, but when you begin to think about the closing costs, agent fees, property taxes, interest payments, and all the other not-so-fun stuff that comes owning property, it can be a headache.

Make no mistake – owning your first home or condo can be a wonderful thing. But as many Toronto millennials are finding out, renting a Toronto apartment right now can be a solid decision.