Condo Rentals Increase Substantially In Q1 2013

Condo rentals through the Toronto MLS Listings increased substantially compared to last year, increasing by about 13 per cent to a total of 4,277 condo apartments rented. Listings also increased significantly, up by over 25 per cent compared to the first quarter of last year with 8,816 listings.

“Demand for rental condominium apartments remained strong during the first quarter of the year,” said the president of the Toronto Real Estate Board, Ann Hannah. “People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year.

Average rents also increased, with monthly rent for one-bedroom condos increasing by four per cent to $1,597 and two-bedroom condos increasing by just over one per cent to $2,114.

“The rental market has remained quite tight over the last year,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Competition between renters has been strong enough to drive increases in average rents. However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate.”

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