According to the Toronto Real Estate Board’s latest condo rental market report, rental transactions through the TorontoMLS listings have increased over the third quarter of 2012 compared to the same time period last year. A total of 5,241 condos were rented this quarter, while this also represents an annual increase of about 18 per cent.
“The high number of condominium apartment completions in the GTA in 2011 and the beginning of 2012 has been well-documented,” said the president of the Toronto Real Estate Board, Ann Hannah. Some of these newly completed units are owned by investors who have a longer term investment time horizon. These investors have chosen to rent their units out to generate cash flow.”
The majority of these condo rental transactions were one-bedroom and two-bedroom condo apartments, which accounted for 95 per cent of all of the rental transactions.
“Rental market conditions remained tight in the third quarter, but average annual rent increases were not as strong compared to most of the previous year,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “Growth in rental listings outpaced growth in rental transactions over the past six months. Prospective renters had more units to choose from, which led to less upward pressure on rents.”
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