March 28, 2019

If you’re thinking of buying an income property in King West, you’re in good company. This central Toronto neighbourhood is a favourite among condo investors due to its in-demand rental market, which is poised for continued growth. While purchasing a King West condo could be the best investment you ever make, not all units in the area are created equal. Knowing a bit about the neighbourhood—and who’s looking for rentals there—can help ensure that you make a purchase that provides the highest possible return.

If you’re starting your search for an investment condo in King West, here’s what you should know…

Why King West?

As the city’s population grows, so too does the need for housing. Rental condos represent a convenient, stylish, and relatively affordable option. There’s no shortage of highly desirable neighbourhoods for renters in the city, which is why choosing where to invest can be a challenge.

King West is a great option for many reasons. This formerly run-down district has been completely transformed in recent years, and today it’s home to one of the hottest rental markets in the city. Part of the reason is its central location. Many new residents are drawn to King West because of the number of new businesses—and tech companies in particular—that have put down roots in the area.

Targeting the right renter

In any neighbourhood, one of the keys to maximizing the return on an investment property is targeting the right demographic. Focusing on the needs of your most likely buyer can help you select a unit that will generate more interest—and potentially, a better price. It can also enable you to highlight the right features and amenities in your listing.

In King West, many of the renters you encounter will be young professionals who work in the city’s core. This is great news, since it means you’ll probably be dealing with potential tenants who have stable incomes. An agent with neighbourhood and condo market expertise can help you identify your target renters, align the unit you purchase with their needs, and create a listing that appeals to them.

What to look for in a unit

Clean, bright units with open layouts and high ceilings appeal to most people, so opting for these features is a safe bet. It’s also important to ensure that the space you choose will work well for your most likely buyer. If that’s a young professional, be aware that studio and one-bedroom apartments are particularly attractive to this demographic.

Amenities are another important consideration. For youthful professionals who work downtown, it’s all about convenience. An on-site pool, fitness room, or yoga studio can go a long way toward attracting renters in the King West area.

Area amenities

The area immediately surrounding your unit will also have an impact on how appealing it is. For many young professionals on the go, being close to public transit is high on their list of priorities. The 504 streetcar—which runs east and west along King Street—provides easy access to the downtown core. Choosing a unit that’s directly on this route could dramatically increase your return on investment.

Neighbourhood amenities are also important. Look for buildings that are relatively close to grocery stores, gyms, and essential services. Remember that King West also has a thriving nightlife scene. While these businesses may appeal to many potential renters, others may be turned off by potential noise issues. Your best bet is to choose a property that’s centrally located, yet quiet (you can ask management about soundproofing before you make a purchase).

Searching for the ideal investment condo in King West? Reach out today to learn about some of the incredible options in the area!