GTA apartment rents hit record highs
TORONTO — Conditions in the apartment rental market have tightened significantly over the past year, the Toronto Regional Real Estate Board’s (TRREB) MLS system reported in a recent release.
Average rents for one-bedroom and two-bedroom apartments are now at record highs, surpassing the previous peak in the third quarter of 2019.
There were 13,203 condo rental transactions reported through the TRREB system in Q2 2022, down 11.4% from Q2 2021. The drop in rentals is not the result of a drop in demand, but rather a much more pronounced drop in the number of rental advertisements. , down nearly 30% year-on-year. With fewer choices, it was much harder for tenants to close deals, said TRREB President Kevin Crigger.
“Expect rental market conditions to tighten further in the coming months. Higher borrowing costs may have temporarily prevented home buying for some households, but the population of the Greater Toronto Area continues to grow alongside a booming regional economy. This means an increasing number of people in need of housing will turn to the rental market,” Crigger said.
Average condominium rents rose double digits annually for all room types in the second quarter. The average rent for a bedroom rose 20.2% year over year to $2,269. Over the same period, the average rent for two-bedroom units rose 15.3% to $2,979.