The Toronto Real Estate Board has released its rental market figures report for the second quarter of 2014, finding that there was an increase of 25.7 per cent in rental transactions during this time compared to the same time last year, for a total of 7,342 transactions. Listings were also up.
“Condominium apartments rented out by investors represent an important component of the overall rental pool in the Greater Toronto Area,” said Toronto Real Estate Board President Paul Etherington. “These units account for the majority of newly completed apartments listed for rent in the marketplace today. Renters looking for apartments located in popular neighborhoods with up-to-date designs and modern finishes are increasingly renting investor-owned units. This is why the number of rental transactions continued to increase last quarter.”
The average rents for one-bedroom apartments dropped slightly to $1,583, while two-bedroom rents decreased to $2,142.
“Last quarter we saw stronger growth in the number of units rented relative to the number of units listed. This suggests that competition between renters increased,” said the Senior Manager of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “If this trend continues, we will likely experience renewed growth in average rents in the second half of 2014.”