NEWS RELEASE 

 

 

GTA REALTORS® Release Rental Market Report

April 16, 2013 -- Greater Toronto Area REALTORS® reported a substantial increase in the number of condominium apartments rented through the TorontoMLS system in the first quarter of 2013.  There were 4,277 condominium apartments rented – up by almost 13 per cent on a year-over-year basis.

 

The total number of rental properties listed on TorontoMLS during the first quarter was up by more than 25 per cent year-over-year to 8,816.

 

“Demand for rental condominium apartments remained strong during the first quarter of the year.  People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year,” said Toronto Real Estate Board President Ann Hannah.

 

The average monthly rent for one-bedroom condominium apartments in the first quarter was $1,597 – up by almost four per cent compared to Q1 2012.  The average two-bedroom condominium apartment rent was up by slightly more than one per cent over the same period to $2,114.

 

“The rental market has remained quite tight over the last year.  Competition between renters has been strong enough to drive increases in average rents.  However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice.  If this trend continues, the pace of rent growth could moderate,” commented Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

 

Rental Market Summary Tables: First Quarter 2013

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

Q1 2013

8,816

4,277

 

97

$1,308

 

2,380

$1,597

 

1,700

$2,114

 

100

$2,737

Q1 2012

7,020

3,796

95

$1,306

2,109

$1,537

1,517

$2,090

75

$2,079

Yr./Yr. % Chg.

25.6%

12.7%

 

2.1%

0.2%

 

12.8%

3.9%

 

12.1%

1.2%

 

33.3%

31.6%

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

Q1 2013

695

284

 

3

$1,417

 

26

$1,509

 

94

$1,889

 

161

$2,002

Q1 2012

588

276

3

$1,263

34

$1,403

73

$1,696

166

$1,933

Yr./Yr. % Chg.

18.2%

2.9%

 

0.0%

12.1%

 

-23.5%

7.6%

 

28.8%

11.4%

 

-3.0%

3.6%

 

 

 

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