According to the latest Rental Market Report from the Toronto Real Estate Board, condo apartment rentals through the Toronto MLS system increased by 23 per cent in the second quarter of 2013 over the same time last year to a total of 5,853 rentals.
“Condominium apartments rented out by investors have become an increasingly important part of the overall rental stock in the GTA, given that very few purpose-built rental properties have been completed over the last decade,” said the president of the Toronto Real Estate Board, Dianne Usher, in a press release.
She continued, “Strong demand for condo rentals has come from households who want to live in up-to-date units but who are not ready to buy. These renter households include would-be first-time buyers who are waiting to save a down payment and/or benefit from increased incomes and new comers to Canada who often choose to rent before entering into the home ownership market.”
Average rents increased over last year above the rate of inflation. The average rent for a one-bedroom condo in Toronto is $1,611, and $2,174 per month for a two-bedroom.
“The fact that annual growth in rental transactions outstripped growth in the number of units listed for rent suggests that conditions in the GTA tightened over the past year and that the vacancy rate has remained very low. Strong competition between renters for available units has prompted continued upward pressure in average rents,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer.
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