NEWS RELEASE



GTA REALTORS® REPORT Q2 RENTAL MARKET FIGURES

TORONTO, July 18, 2014 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 7,342 rental transactions through the TorontoMLS system in the second quarter of 2014.  This result was up by 25.7 per cent compared to Q2 2013.  The number of units listed for rent in the second quarter was up by 22.2 per cent on a year-over-year basis to 12,510.

“Condominium apartments rented out by investors represent an important component of the overall rental pool in the Greater Toronto Area.  These units account for the majority of newly completed apartments listed for rent in the marketplace today.  Renters looking for apartments located in popular neighbourhoods with up-to-date designs and modern finishes are increasingly renting investor-owned units.  This is why the number of rental transactions continued to increase last quarter,” said Mr. Etherington.

Average rents for popular one-bedroom and two-bedroom unit types dipped slightly on a year-over-year basis.  The average one-bedroom rent in Q2 2014 was $1,583; the average two-bedroom rent was $2,142.

“Last quarter we saw stronger growth in the number of units rented relative to the number of units listed.  This suggests that competition between renters increased.  If this trend continues, we will likely experience renewed growth in average rents in the second half of 2014,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Rental Market Summary Tables: Second Quarter 2014

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 2014

12,510

7,342

 

196

$1,327

 

4,333

$1,583

 

2,660

$2,142

 

153

$2,614

Q2 2013

10,241

5,843

178

$1,335

3,177

$1,610

2,372

$2,175

116

$2,496

Yr./Yr. % Chg.

22.2%

25.7%

 

10.1%

-0.6%

 

36.4%

-1.7%

 

12.1%

-1.5%

 

31.9%

4.7%

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 2014

830

444

 

1

$1,020

 

53

$1,400

 

134

$1,858

 

256

$2,039

Q2 2013

780

408

1

$925

39

$1,509

125

$1,822

243

$1,922

Yr./Yr. % Chg.

6.4%

8.8%

 

0.0%

10.3%

 

35.9%

-7.3%

 

7.2%

2.0%

 

5.3%

6.1%