New poll finds Millennials most suited to being landlords

By HUB SmartCoverage Team on May 17th, 2018

It seems that young Canadians are more suited to being landlord’s than any other age group, according to a new poll.

The survey, conducted by CIBC, unveiled the surprising news that Canadians between 18 and 34 are the age group most suited to being landlords

In fact, 47% of millennial homeowners are already renting out property or are planning to, compared to just 29% of homeowners aged 35-54.

Furthermore, it seems the younger generation are the ones making plans for their financial future, with double the amount of millennials than boomers saying they would opt for a home with a source of rental income.

"Younger Canadians are more open to sharing their space because they see it as financially advantageous," says Scott McGillivray renowned real estate investor, contractor and television personality. "There's definitely a shift in attitudes and a growing interest in income properties, in part driven by a desire to offset high housing costs, but also because it can be a smart way to create extra income and build wealth."

It was found that Canadian landlord’s are earning enough money from their rental property to cover half of their monthly outgoings-around $2,189 per month. Plus, homeowners who earn income by renting out space in their home were able to reduce household costs by as much as 70%.

More than one in four Canadian homeowners are already landlords or have plans to earn rental income by letting out space in their primary residence. And 64% of current landlords own one of more investment properties used exclusively for rental income.

Although the biggest concern among landlords is unexpected maintenance, repairs and additional costs such as insurance, over half of those surveyed say that it's “worth the headache”

"High housing costs and the growing appetite for additional revenue streams make renting out space a popular choice, especially among younger Canadians," continued Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Financial Planning and Advice.