NEWS RELEASE 

 

 

GTA REALTORS® Report Rental Market Figures


Toronto, January 20, 2012 — Greater Toronto REALTORS® reported the leasing of 4,664 condominium apartments during the September to December 2011 period – up two per cent from the 4,563 units leased during the same time-frame in 2010.  While the number of transactions was up, the number of apartments listed for rent through TorontoMLS during the last four months of 2011 dropped by seven per cent compared to the same period in 2010.

 

“The rental market for condominium apartments is very tight in the Greater Toronto Area.  Growth in rental transactions outstripped growth in listings throughout 2011, even with strong condominium apartment completions,” said Toronto Real Estate Board President Richard Silver.  “In line with tightening market conditions, the CMHC condominium apartment vacancy rate for the GTA dropped in 2011.  The end result was robust increases in average rents.”

 

Average condominium apartment rents for one-bedroom and two-bedroom apartments rented during the September through December 2011 period increased by four and five per cent respectively in comparison to the same period in 2010.  The average annual rate of increase for one-bedroom and two-bedroom rents was above the rate of inflation in the second half of 2011.

 

“The number of renters looking for apartments with modern finishes and amenities has steadily increased.  The main source for these types of units has been investor-held condominium apartments.  As renters have flocked to this segment of the rental market, upward pressure on rents has increased,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Rental Market Summary Tables: September - December 2011

 

 

 

 

 

 

 

Apartments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Bedroom Types

Bachelor

 

One-Bedroom

Two-Bedroom

Three-Bedroom

 

Listed

Leased

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

7,930

4,664

 

109

$1,289

 

2,465

$1,564

 

1,954

$2,062

 

136

$2,236

2010

8,483

4,563

 

129

$1,211

 

2,457

$1,498

 

1,874

$1,958

 

103

$2,225

Yr./Yr. % Chg.

-7%

2%

 

-16%

6%

 

0%

4%

 

4%

5%

 

32%

0%

Source: Toronto Real Estate Board

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Townhouses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Bedroom Types

 

Bachelor

 

 

One-Bedroom

 

Two-Bedroom

 

Three-Bedroom

 

Listed

Leased

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

Leased

Avg. Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

712

348

 

2

$1,313

 

31

$1,341

 

112

$1,759

 

203

$1,945

2010

744

343

 

4

$1,131

 

28

$1,308

 

97

$1,671

 

214

$1,771

Yr./Yr. % Chg.

-4%

1%

 

-50%

16%

 

11%

2%

 

15%

5%

 

-5%

10%

Source: Toronto Real Estate Board

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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