Dear Urban Diplomat: Are bidding wars on rental condos socially acceptable?
Dear Urban Diplomat,
I went to a viewing of a rental condo recently—a great place with an office, a fireplace, a gym downstairs and cheap rent ($1,200). It seemed perfect until the seller said he’d be accepting blind bids. I know bidding wars are common in home sales, but this was a rental! I felt cheated, and said so before storming out. I’m sure I was right, but my friends think I’m a nutbar. Can you settle it?
—Bidding Warrior, Dupont and Spadina
In this overheated market, blind bids on rentals have become a bona fide trendlet. Did you overreact? Probably. You could have submitted a bid for $1,200 on principle and walked away. The good news is that you avoided a bidding war, and since experts predict an impending buyer’s (or renter’s) market, your indignation was well timed. I suggest you stay calm, keep looking and possibly head to the nearest bookstore to fetch a copy of Don’t Sweat the Small Stuff.
Send your questions to the Urban Diplomat at urbandiplomat@torontolife.com
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