The number of condominiums being rented in Toronto increased by 22.6 per cent in the third quarter of 2015 over the same time last year according to the Toronto Real Estate Board, which is good news for condo investors: Demand is high.
“Investor-owned condominium apartments remained a very popular option in the third quarter and, indeed, over the past year as well,” said the president of the Toronto Real Estate Board, Mark McLean, in a press release. “Strong growth in rental listings were matched by strong growth rental transactions. This tells us that there are a lot of households looking to rent in the Greater Toronto Area and that many of these renters are choosing units in recently completed condominium apartment projects.”
In addition to an increase in the number of condos being rented, the average rental prices are also up. One bedroom condo rents were up by 1.9 per cent to $1,657, and two bedroom condo rents were up by 2.2 per cent to $2,241.
The director of market analysis for the Toronto Real Estate Board, Jason Mercer, said that, “There was enough competition between renters in the third quarter to prompt moderate growth in average rents. Furthermore, rental market conditions through the first three quarters of 2015 suggest that condo rental vacancy rates have remained low from a historic perspective. With this in mind, it is reasonable to assume that positive average rent growth will be sustained through to the end of the year and into 2016.”