Toronto’s slogan may soon read, “No young people, thanks!”. It’s becoming that bad for our young adults who yearn to build a life and career in our great city.
Now, it’s no mystery how powerful Toronto’s real estate market has become and that buying for most young adults at this stage in their careers seems unlikely without some serious help. I find most of them aren’t too discouraged by this fact, which is quite admirable really. They’ve accepted the fact that if they want to live an independent lifestyle, they may need to rent for a few years. Not the end of the world, right?
I’ve been very fortunate this year to work with a slew of recent University graduates (have to give some love to the Golden Gaels of Queens U, as most of them are coming from Kingston…sorry, Gryphons). They’ve all had great energy, looked and acted like grizzled professionals, and been nothing short of a breeze to work with.
They’ve come with amazingly clean offers which are usually full price. Most have provided Guarantors for additional Landlord comfort, they’ve all shown proof of employment with large, reputable firms. Yet all but one pairing have been denied at least once, either preemptively or subsequent to the offer, simply on the basis of their age. And even worse, many agents and their landlords are stating so in writing.
Now, it’s relatively apparent to why this is happening. There’s a nasty ‘stigma’ attached to younger people, especially as it pertains to their living habits, shall we say. Even if you didn’t go to University, you knew people that did. And everybody can remember at least one home that was utterly disgusting from top to bottom, yet nobody seemed to care. It was usually loud, smoke-filled, had more tenants than the law allowed and generally had a smell that not even a mother could love.
While the existence of the ‘student-home’ is real, the notion that young adults are more problematic and messy than their elders is simply a myth from my experience. In my humble opinion, it’s a matter of personality over age.
My good friend Jay has been one of the most organized guys I’ve ever known. He’s always been that way, even when we were teenagers. Every time I would go to pick him up from his house, he’d never be ready. Not once! Why? Because he was wiping the tables in his bedroom and making sure everything was neat and tidy. You’ll never find loose papers in his place or car and he simply operates his whole life in a ‘clean’ manner.
Jay’s best friend, we shall call him Folgers, is another good friend of mine who happens to be the exact opposite of Jay. Always has been and probably always will be. The point is that when I really stop and think about it, most people don’t change their habits as it pertains to their organizational skills and cleanliness.
In addition to the cleanliness fears, many will argue that young adults have fewer assets and less job security which makes them more likely to default on rent or damages. Fair enough I suppose, but so what? How much job security does anyone have?
Besides, that’s why you have insurance and make the tenant show proof of liability and content insurance. That’s why you review personal credit reports and references. That’s why you verify their employment with their employer. Heck, if you don’t feel their credit is up to par, ask for a Guarantor. Most of these youngsters would prefer to not get the parents involved, but can appreciate the necessity with a less than stellar credit score.
But don’t just deny them because of their age and the assumption that they’ll default. It’s discrimination and just flat out wrong.
People tend to forget that denying someone housing because they’re in their 20’s is a Human Rights violation. It’s probably due to the fact that our society is used to a wide variety of age restrictions. I can’t tell you how many times a Realtor has put in writing that their client “doesn’t want young people“. But in terms of housing, denying someone solely because they are young is no different than denying someone due to their ethnicity.
To add insult to injury many of the Landlords we’ve dealt with and been turned away from, reside overseas. Foreign investment has been a major player in the lack of inventory and rising sale prices and now they’re arbitrarily keeping the young people who live in this City from being able to find a place to call home. Ain’t that a bitch.
We get it. Every Landlord wants the same thing. A rich doctor or lawyer with no children or pets, who doesn’t smoke, and has absolutely no friends. But how many of those actually exist?
So I implore you Landlords of Toronto, please stop stereotyping prospective young tenants. Their money is as good as anyone else’s. Most of them don’t even have ten seconds to scratch their heads. They work crazy hours trying to prove themselves in the workforce and make a life for themselves. Be mindful of how ridiculously expensive it is to buy a home. That’s not to say you shouldn’t do your due diligence or even turn someone down for more justifiable reasons. Just be fair.
And remember, they’re the ones who make nursing home decisions in the future!