Recent college graduates are scrambling to find rental markets with business employment opportunities.
From 2018 to 2023, business graduate programs accounted for 27% of all study permits approved nationwide (30% in Ontario) attracting nearly 800,000 international students. This surpasses similar programs in fields like healthcare and trades by a wide margin – even though those are the industries with the highest job vacancy rates.
This trend holds true even when accounting for domestic students.
It is surprising considering “professional occupations in advertising, marketing and public relations” are among the top five most in-demand jobs in the Eastern, Central, and Southwest regions of Ontario, and claimed the top spot in the Greater Toronto Area. (And let’s not forget the federal government, based in Ottawa, which is one of the largest employers of young people and graduates in the country.)
There’s more good news for business graduates: managerial and consultant roles are forecasted to remain in high demand for the next five years across those same regions.
Therefore, despite high youth unemployment rates in Toronto and across the country, Ontario’s hottest rental markets still offer abundant career opportunities for business graduates, which should continue to drive rental demand and prices.
Property managers in these regions can capitalize on increased end-of-semester demand by ramping up marketing efforts and potentially targeting graduating students directly.
On the other side of the pricing equation, 42% of Ontario graduates are already considering leaving the province due to affordability concerns. While this trend poses risks to property managers, Ontario's robust economy and diverse industries continue to attract out-of-province residents and newcomers of all ages and ensure a resilient rental market in the long run.
More tenant behavior headlines
How will the cap on international students affect housing? – PayProp blog
Tenant advocate calls for policy reform for renters to avoid "double bind" – Storeys
Renting? You probably report lower quality of life than homeowners – CBC
