Tower Rentals in Parkdale

Background

Since the early 2010s, threats to the affordability of mid- and high-rise rental apartments in Toronto’s Parkdale neighbourhood have grown considerably. Large property management firms, investors, and real estate investment trusts (REITs) have acquired significant stocks of rental housing in order to capitalize on gaps between current and potential rent levels, and tenants in Parkdale have experienced aggressive rent increases and mounting displacement pressures. This project examined the diminishing affordability and growing displacement pressures in postwar tower apartment buildings in the neighbourhood.

Methodology

The project had three phases.
First, an academic study of the local rental market trends in mid- and high-rise towers in Parkdale over the past 10 years analyzed the changes in ownership, management, building quality, rental rates, and tenancy stats such as above guideline rent increases and evictions.
Second, a community action research component explored the impact of these market trends on tenant material and social wellbeing.
Third, tenants, researchers, and affordable housing experts developed proposals for community-led housing solutions to preserve housing affordability and respond to community-identified needs and priorities.

Results

The project has resulted in a report titled “Parkdale Rental Housing Study”. It found that there is little difference in tenants’ experiences of aggressive rent increases, structural neglect of maintenance needs, and gentrification by upgrading regardless of whether their apartments are owned by financialized, corporate, or small-scale landlords, underscoring the need for a systemic approach to housing justice. The project recommends systemic improvements to tenant protections and the decommodification of rental housing in the service of building a more just housing system.