According to the Toronto Real Estate Board, Toronto condo rentals were up at the end of 2014, and while the average rental prices were stagnant they’re expected to rise.
“We have seen record condominium apartment completions over the last two years,” said Paul Etherington, the president of the Toronto Real Estate Board. “Many of these new apartments are owned by investors who have chosen to rent them out. The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condominium apartment segment to find modern units in popular neighbourhoods. Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to region by its economic and ethno-cultural diversity.”
The average rent for a one-bedroom condo in Toronto at the end of 2014 was $1609, for a two-bedroom was $2,165 and for a three-bedroom was $2,577.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board, had this to say: “Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next. Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in rents.”