NEWS RELEASE 

 

 

GTA REALTORS® Release Rental Market Report

July 16, 2013 -- Greater Toronto Area REALTORS® reported 5,853 condominium apartments rented through the TorontoMLS system in the second quarter of 2013.  This result was up by approximately 23 per cent in comparison to the second quarter of 2012.  The number of condominium apartments listed for rent was up by over 15 per cent to 10,284.

  “Condominium apartments rented out by investors have become an increasingly important part of the overall rental stock in the GTA, given that very few purpose-built rental properties have been completed over the last decade,” said Toronto Real Estate Board President Dianne Usher.

  “Strong demand for condo rentals has come from households who want to live in up-to-date units but who are not ready to buy.  These renter households include would-be first-time buyers who are waiting to save a down payment and/or benefit from increased incomes and new comers to Canada who often choose to rent before entering into the home ownership market,” continued Ms. Usher.

  Average rents for one-bedroom and two-bedroom condominium apartments increased well-above the rate of inflation on a year-over-year basis in the second quarter, reaching $1,611 per month and $2,174 per month respectively.

  “The fact that annual growth in rental transactions outstripped growth in the number of units listed for rent suggests that conditions in the GTA tightened over the past year and that the vacancy rate has remained very low.  Strong competition between renters for available units has prompted continued upward pressure in average rents,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.  .

 

 

 

Rental Market Summary Tables: Second 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

Q2 2013

10,284

5,853

 

178

$1,335

 

3,184

$1,611

 

2,375

$2,174

 

116

$2,496

Q2 2012

8,893

4,762

143

$1,285

2,548

$1,556

1,945

$2,089

126

$2,625

Yr./Yr. % Chg.

15.6%

22.9%

 

24.5%

3.9%

 

25.0%

3.5%

 

22.1%

4.1%

 

-7.9%

-4.9%

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

Q2 2013

777

409

 

1

$925

 

39

$1,509

 

125

$1,822

 

244

$1,921

Q2 2012

804

366

0

-

31

$1,416

110

$1,677

225

$1,911

Yr./Yr. % Chg.

-3.4%

11.7%

 

-

-

 

25.8%

6.6%

 

13.6%

8.6%

 

8.4%

0.5%

 

 

 

- 30 -