2017 PRESENTATION OF TENANT SURVEY RESULTSOriginally presented by Amy Erixon Principal and Managing Director, Avison Young at the Canadian Apartment Investment Conference 2017

SAMPLEFOR FULL VERSION OR TO PURCHASE THE DATASET

PLEASE CONTACT sarah.segal@informa.com

2017 Improvements

Surveyed over 10,000 Canadians

70% Completion Rate

Worked alongsideGold Sponsors

Participating CompaniesVarious Channels

2017 Data Includes:Larger Response GroupMore Individual Cities

More Landlord Tailored Questions

2017 Respondent Cities Include: Toronto 33%Calgary 9%, Ottawa 8%, Halifax 6%,

Vancouver & Edmonton 5%,Hamilton, Brampton, London, 4%

We asked tenants a range of demographic questions to understand our audience and then we asked them the following question:Please Note: This is not an exhaustive list but a sample to provide an understanding of the scope and depth of the survey

LANDLORD SATISFACTION• If you are currently a tenant, what is your level of satisfaction with your landlord/manager/owner• How likely would you be to recommend your landlord to a friend or colleague?• How can your landlord improve your customer experience?• Does the unit you are renting now fully meet your needs?• If you answered NO to the question above, what is the main reason why?• If you have lived in your rental home for more than one year, what are the top two reasons that you• have stayed?• If you are planning to terminate and move apartments, could your landlord convince you to stay?

AMENITIES, FEATURES, LOCATION, SIGNING FACTORS• If you were to rent a unit with only one bathroom would you (require a bathtub, prefer a large shower etc..)• Would you be willing to pay more rent, if any of the following were upgraded in your current rental• Home• Is there sufficient parking at your rental?• How important are the following amenities/Features/Proximity Options//Signing Factors to you? (In depth list of choices from which they choose Essential (would not rent

without), Important, Not Important)• If you have a concierge, is it important for them to accept packages?

FUTURE PLANS• If you are looking to move in the next 12 months, do you anticipate your monthly carrying costs to:• If you are looking to purchase a home, when do you anticipate doing so?• In the next 12 months, do you plan on: (Staying in the same rental home, moving into a rental condo etc..)

TECHNOLOGY• Does your building have an online community portal that allows you to plan and attend social events• and network with residents• Is it important for you to engage with your rental community over the following services?• Ideally, how would you like your management company / landlord to communicate with you on issues or• items affecting your community and/or rental unit?• In renting your latest unit, did you visit the company website * ahead of time?• If you had your choice, would you rather submit a service request by:• Would you prefer to pay your rent with:

PLEASE REMEMBER THE ABOVE IS A SAMPLE OF THE OVER 90 QUESTIONS THAT WERE ASKED AND ANSWERED

2017 Survey Questions Asked - Examples

Survey Dashboard 2.0

What’s New

• Green Feature Scores• Landlord Satisfaction

Survey• More Tech Granularity• More Parking Questions• More Data Screen

Parameters

Interesting Findings in 2017

High Speed InternetRemains Essential

LOCATIONToronto Passed Vancouver

Most Difficult To Find Rental

Parking Spikedin terms of Importance

Transit Up YOYEssential

Commute TimeGoing down year over yearAre fewer people driving?

Young Renters overwhelmingly find units online

Non-SmokingBuilding Was

Essential

GreenMore micro

viewpoint this yearHigher scores for Green

Health and WellnessImportant

Who Responded?

2017 City Breakdown

Toronto 33%

Other 22%Calgary 9%

Ottawa 8%

Halifax 6%

Vancouver 5%

Edmonton 5%

Hamilton 4%Brampton 4%

London 4%

Total Data SetCities Selected for this Analysis• Brampton• Calgary• Cambridge/Kitchener/

Waterloo• Edmonton• Halifax• Hamilton/Burlington• Kingston• London• Mississauga• Montreal• Oakville• Ottawa• Toronto• Vancouver• Victoria

31-40 36%

26-30 - 6%91+ - 0.3%

81-90 - 2%71-80 - 7%61-70 - 14%

51-60 - 16%

41-50 - 19%

2017 Age Breakdown

Rental Building78%

Condo 11%

House 8% Other 2%

Type Of Rental Surveyed

• 19% of respondents from Vancouver were condo tenants• 77% of respondents from Toronto and 88% from Ottawa were

Rental Apartment Tenants

Interesting Facts:

Surprising Renter Profile Findings

51% of Canadians Surveyed

Rent 2+ Bedrooms

76% of Those SurveyedHave 1 Bathroom

56% Require A Bathtub

Rental Feature:Amenity:Signing Factor:Location:

WOULD NOT RENT WITHOUT A:High Speed InternetParking LotPriceLive Near Public Transit

Tenants are Focused on GreenEnergy Efficient!

Understanding the Data – Key Trends

Renter Trends

Satisfied20% Highly Satisfied

70% Ranked Between 5-93% Not Satisfied

Plans7% Purchase65% Staying!22% Moving

Renters Wiling to Pay More for Amenities They Do Not Have

Yes - 43%No – 47%

Desired Green Features Smart ThermostatTri-Slot Garbage

Energy Efficient LightingEnergy Certified Building

Decision Priorities

1 Price

2 Location

3 Quality/Look of Unit

4 Building Quality

5 Size

6 Management Group

7 Property Owner

TOP THREE

Public Transportation

Drive

Walk

BOTTOM THREE

Bike

Uber

Taxi

Commute Method

• In Toronto morerespondents used public transportation compared with Vancouver

• In Vancouver more reported that they walked to work compared to Toronto.

Interesting Facts:

RENTAL MARKET DYNAMICS

Time To Find Your Rental

54% < 1 month

32% 1-2 months

10% 2-6 months

4% > 6 months

• Vancouver - 55% taking 1 month or less and 29% 1-2 months– improvement from last year’s results

• Toronto – 50% of respondents took < 1 month and 35% took 1-2 Months

• 35% used an on-line listing service to find their current rental

Key Findings:

Length At Your Current Rental

32% < 1 year

36% 1-3 years

12% 3-5 years

19% > 5 years

• Of those 1-3 years 16% of respondents were on a 1-5 ranking of satisfaction within that stay period

• 78% of the respondents between 3-5 Years were on a 6-10 ranking of satisfaction within the stay period

Key Findings:

Rental Satisfaction High

Satisfaction with Unit?57% Fully Satisfied20% Rated 1-5

20% Were Highly Satisfied

3% Were Not Satisfied At All

Vancouver Highly Satisfied 28%

Toronto Highly Satisfied 15%

25% Highly Likely

Highly Likely in Vancouver 31%

Highly Likely in Toronto 20%

Recommend Landlord to Friend?

Satisfaction Level with Manager

UNIT / BUILDING FEATURES

Essential Would Not Rent Without Features

34% High Speed Internet

33% Patio/Balcony

27% Soundproof Walls

24% Washer/Dryer In Unit

24% Bathtub

23% Non-Smoking Building

22% Garbage Disposal

14% En-Suite bathroom

11% In-Unit Alarm System

9% Microwave

• Variation between cities• Essential + Important =

Different Ranking• Those with +2 child

dependants have bathtub as the number one feature at 41%

Interesting Facts:

Features Surveyed

What Would Tenants Pay More For

Fully Renovated Bathroom

Dishwasher

Hardwood Floors

Stainless Steel Appliances

Toronto

National Opinion

Hardwood Floors

Fully Renovated Bathrooms

Stainless Steel Appliances

Dishwasher

Vancouver Market

Fully Renovated Bathroom

Dishwasher

New Cabinets / Cupboards

New Kitchen / Bath Fixtures

LOCATION CHARACTERISTICS

ESSENTIAL

34% Public Transit

30% Grocery Store

16% Office / Place of Work

Lifestyle Proximity

IMPORTANT

63% Grocery Store

60% Near Outdoor Space

57% Near Restaurants

COMBINED

92% Grocery Store

84% Public Transit

71% Outdoor Space &Place Of Work

Combined MostInstructive

Proximity By Location

Urban

Suburban

Same order, urgency depends on car ownership

BUILDING FEATURES AND AMENITIES

What Amenities Are Essential

• 39 Amenities Presented• Not as many essential

would not rent without selections.

• Those that made the cut were safety or convenience oriented

• When Essential and Important were combined stats were very interesting

Interesting Facts:30% Parking Lot

21% Security Guard and/or System

12% Tri-slot Garbage

12% Fitness Facilities

10% Additional Storage Space

7% Day, Week, Mth Housekeeping

7% Parcel Delivery Service

6% Energy Efficient Lighting

6% Daytime Concierge

6% Energy Certified

Renter Preference Conclusions

1 Parking Lot2 Security Guard and/or System3 Tri-slot Garbage1 Public Transit

2 Grocery Store

3 Office / Place of Work

1 Fully Renovated Bathroom

2 Dishwasher

3 Hardwood Floors

OPERATIONS & TECHNOLOGY

Digital Presence

61% Visited The Company Web Site Ahead Of Time

48% Visiting The Companies Web Site Influenced Their Decision!

28% Of Respondents Have Access To A Community Portal

50% Half Use Their Community Portal

Tenants wanted more information put online

Web Site Stats!

Service Requests and Technology

Submission Method

• Ideally respondents would like their management company/landlord to communicate with them on issues or items affecting their community or rental unit by email at 54%

Interesting Facts:49% In Person

17% Online

15% E-mail

10% Over the Phone

8% Other

1% An App

Service Requests and Satisfaction

Satisfaction

• Across the country generally tenants are satisfied

• 56% of respondents felt they were kept informed of their service request

• 70% are satisfied with the time to resolution of their request

Interesting Facts:

8.70%

16.50%

74.90%

0.00% 20.00% 40.00% 60.00% 80.00%

N/A

No

Yes

Respondent % of Total

How Did You Find Your Rental

• 77% of those that found online are < age 40

• Kijiji (45%) and Viewit (20%) are the most Popular

Interesting Facts:35% Online Listing Service

28% Directly From Building

22% Friend

9% Other

4% Newspaper

2% Broker/Realtor

Method

Payment and Technology

Preference

• Tenants are more tech savvy than landlords

• 83% rather not pay an extra fee to use a credit card

Interesting Facts:47% Online – Debit Payment

15% E-mail Bank Transfer

13% Credit Card

11% In Person

7% Other

5% Debit Card

4% An App

0.3% Text

• Package Delivery Is Becoming A Topic To Note• Apps Have Not Gained Traction Just Yet• Online Payments And Communication Are Key• Company Web Sites Matter• Rental Web Sites Also Matter

Technology Conclusions

Key Findings:

What’s Next?

• Increase Condo Tenant Respondent Base in 2018

• Increase Geographic Reach

• Once Again Involve Industry in Questions Providing New Insights

• Focus on Green/Technology/Operations/Development

• Introduce Layout/Common Area and Design Elements as Features

Thank You To Our 2017 Sponsors

Presenting Sponsor

Gold Sponsors

BENTALL KENNEDYCAPREITCOGIRCMHCGREENROCKGWL / VERTICAHOMESTEADREALSTAR

Contribute In 2018

Want more information, or to take part in the 2018 survey?

Please Contact sarah.segal@informa.com

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