The number of Toronto condos rented in the second quarter of 2016 was down only 2.7 per cent compared to the same time last year, according to the Toronto Real Estate Board.
“Greater Toronto Area Realtors continued to facilitate a large number of rental transactions in the second quarter, as investor-held condo apartments remained an important component of the overall rental supply in the GTA,” said the president of the Toronto Real Estate Board, Larry Cerqua. “If the market had benefited from more listings in Q2, the number of rentals would have likely been above last year’s level.”
The average rent for a one-bedroom condo increased by 6.4% year-over-year, up to $1,710. For a 2-bedroom condo, the average rent increased by 4.1%, to $2,330.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board, said that, “Year-to-date, total condominium apartment completions in the GTA were down compared to the same period in 2015. This contributed to the decline in the number of apartments listed for rent on TREB’s MLS system. However, the number of rental transactions remained
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.”
The Toronto Real Estate Board says that condo apartment rentals have increased by 20.5 per cent in the third quarter of 2014 compared to the same time last year, the majority of which were one-bedroom condos.
Paul Etherington, the president of the Toronto Real Estate Board, said that, “The third quarter rental market results were very positive. We have experienced strong condo apartment completions over the past two years. Many of these completions have translated into rental listings on the TorontoMLS system. However, this does not mean we have experienced a glut in supply. To the contrary, we actually saw growth in transactions outstrip growth in the number of units listed, suggesting there exists some pent-up demand for condo rentals.”
The number of new listings increased by 11.7 per cent, while the average rental prices year-over-year barely changed at all.
Jason Mercer, the Toronto Real Estate Board’s director of market analysis, said that, “Rental market conditions in the GTA have tightened over the past two quarters, with growth in rental transactions outpacing growth in listings. This suggests that we could see some renewed upward pressure on average rents moving forward, as competition between renters increases.”