A new report from condo statistics firm Urbanation reveals that the average cost of renting a condo in Toronto has increased during the first quarter of 2016 compared to the same time last year.
During the first three months of the year, the average rent was $1,891 per month, which breaks down to $2.53 per square foot. Year over year, that’s a 6.8 per cent increase. The first quarter of 2016 saw the highest number of rental transactions and the highest dollar amount per square foot for Toronto condos since the first quarter of 2012.
Both the cost of rent and the number of rental transactions have been increasing significantly over the past few years, and there were 40 per cent more applications to build rental buildings during the first quarter.
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