According to the latest from the Toronto Real Estate Board, Q1 2015 rental transactions for condo apartments in Toronto increased by 20.9 per cent, for 6,074 total rentals. The number of units listed also increased by 20.2 per cent.
“There are many renter households in the GTA and this number continues to increase as our population grows each year,” said the President of the Toronto Real Estate Board, Paul Etherington, in a press release. “As a result, demand has been strong, keeping vacancy rates low. This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions.”
Average condo rents increased by 0.8 per cent for one-bedrooms to $1,585, and two-bedrooms increased by 1.1 per cent to $2,180.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said that, “There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types. The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock.”