According to the latest figures from the Toronto Real Estate Board, Toronto condo apartment leases increased through late last year – by two per cent to 4,664 from 4,563 compared to the last quarter of 2010.
“The rental market for condominium apartments is very tight in the Greater Toronto Area,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in rental transactions outstripped growth in listings throughout 2011, even with strong condominium apartment completions. In line with tightening market conditions, the Canada Mortgage and Housing Corporation’s condominium apartment vacancy rate for the GTA dropped in 2011. The end result was robust increases in average rents.”
Fewer condominiums available for renters has led to an increase in bidding wars over renting a condo, meaning that investors are likely to get more than they’re asking for when they do decide to rent.
“The number of renters looking for apartments with modern finishes and amenities has steadily increased,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “The main source for these types of units has been investor-held condominium apartments. As renters have flocked to this segment of the rental market, upward pressure on rents has increased.”
If you are planning on renting out your condo, you will need to screen potential renters very carefully, as well as prepare the proper lease agreement for your condo. A Toronto real estate agent can help, saving you time and money.
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