Why do Ontario tenants want green spaces in their rentals?

We have seen a precipitous turn toward tenant interest in rental properties with green spaces. This became very prominent in 2024 and showed that the needs and values of tenants in Ontario are changing. As one of Canada's leading property management and leasing companies, Royal York Property Management manages a portfolio worth over $10.1 billion, including more than 22,000 properties. In this blog, we talk about why tenants want green spaces and the mutual benefits they bring between tenants and landlords.

The Growing Trend for Green Spaces   

In the beginning of 2024, the demand for rental properties with green spaces rose. The latest data reveals that tenants do not just look for a place to live but also to surround themselves with environments that can definitely improve the quality of life. Remote working and improved health and well-being have been the main drivers of this trend. While in the past, the preference toward green spaces used to be a nice-to-have feature, it has turned into a critical influence on rental decisions.

Benefits of Green Spaces for Tenants Health and Well-being   

There are numerous advantages to green spaces for health—both physical and mental. Tenants can walk, jog, or practice yoga in outdoor spaces to improve their physical health. Furthermore, being outdoors appears to reduce tension, increase clarity of thought, and elevate one's mood. Gardens, parks, rooftop gardens, courtyards—all these help in providing a place for the tenant to relax and revive himself so that a better quality of life can be achieved.

Community Building    

It also helps to give a sense of community to the tenants. These spaces work together as a social focus for residents to meet, interact with each other through common activities, and finally develop personal relationships. Activities such as community gardening or outdoor potlucks further strengthen these bonds between neighbors and, hence, build a strong, empowered community. Case studies from property examples with excellent renditions of green spaces show a positive impact on tenant engagement and satisfaction.

Environmental Impact  

For most tenants today, sustainability and environmental awareness have become a major concern. Green spaces make up a part of the greener urban environment by reducing the impact of the urban heat island effect, improving air quality, and enhancing local biodiversity. Tenants are always on the lookout for environmentally friendly living ways. Hence, properties incorporating green spaces reflect their values. By having eco-friendly features for rental properties, landlords could attract environmentally sensitive tenants who value green living.

Economic Benefits for Landlords Higher Rental Demand and Retention

Green spaces in properties are those that are currently in great demand and command premium rentals. Tenants are always willing to pay more for facilities or features that enhance the living experience. Besides, the availability of green space contributes to extended tenancy tenure; that's when satisfied tenants would not want to move. This stability minimizes turnovers and ensures a continued source of rental revenue.

Increased Property Value  

Green spaces do require an investment that pays off in the future. In reality, a properly groomed outdoor space will give a property some great curb appeal and marketability for potential tenants and buyers. Over time, properties with green spaces appreciate in value, which allows a landlord to demand higher returns on his or her investment.

Designing and Implementing Green Spaces Types of Green Spaces     

There are a myriad of ways that green spaces can be integrated into rental properties, including private and communal gardens, rooftop gardens, terraces, and courtyards. Proximity to public parks increases the value of a property. These green spaces should be tailored according to the needs and preferences of tenants, so they are supplied with functional and beautiful outdoor areas.

Practical Considerations 

In creating and maintaining green spaces, careful planning and investment are required. Landlords should engage landscape architects, environmental planners, and apartment residents to come up with designs that will allow easy maintenance and sustainability. Maintenance includes watering, pruning, and cleaning in order to maintain the attractiveness and functionality of these areas. Accessibility is also critical to all tenants, so they may use these spaces for their own benefit. One great example of how green spaces benefit a space can be fully noted in the case of an apartment portfolio managed by Royal York Property Management. This complex includes rooftop gardens and interior communal courtyards that have greatly improved tenant satisfaction with this property.

Residents frequently participate in events held in these community spaces, which enhance a sense of belonging and community. As a result, the property has higher retention rates and positive feedback from tenants. Another success story involves a suburban rental community with private gardens and the establishment of nearby parks. These green spaces attract families and professionals who want to live in peace and health. The owners have recorded better levels of tenant satisfaction, leading to longer tenancies with positive word-of-mouth referrals. Growing demands for green spaces in rental housing mark a definite indication of a change in the preferences of tenants in Ontario. Some of the induced benefits include good health and well-being, community building, and benefits to the environment. A landlord can, therefore, expect economic gains by investing in green spaces: increased rental demand, improved property value, and better tenant retention.

The more knowledgeable a landlord is about these leading-edge trends, the better he will be able to please tenants and ensure his rental investments do well over time. For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca