The student rental business may just explode thanks to Ottawa’s plans to attract more international students in the next few years.
In a report filed by Canadian Real Estate Magazine, International Trade Minister Ed Fast disclosed plans to encourage more foreign students to enroll in Canadian universities. This would mean a subsequent increase in rentals as almost all of these international students lease condominiums or apartments.
Their current preference is renting a room that is already furnished and with complete amenities, as the comforts and convenience of home would free them from other pressures and help them focus on their studies. A student who shares a flat with others pays $200 to $700 per month, while another who rents an apartment or suite spends $400 to $1,500 per month.
The Canadian government intends to attract half a million foreign students by 2022. The market is on the upswing, as there are 265,000 students in 2012 or almost a 100 per cent increase over the past 11 years.
A huge part of the government’s marketing efforts will be geared towards countries with emerging economies such as Brazil, China, India and Mexico as well as North Africa and the Middle East.
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