NEWS RELEASE



GTA REALTORS® RELEASE Q3 RENTAL MARKET REPORT

TORONTO, October 17, 2014 -- Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions through the TorontoMLS system were up by 20.5 per cent year-over-year in the third quarter to 7,868.  The increase was driven by the popular one-bedroom apartment segment, which experienced an increase in rental transactions of 24.7 per cent compared to the same period last year. 

The number of condominium apartments listed for rent on TorontoMLS during the third quarter was up by 11.7 per cent compared to the third quarter in 2013. 

“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,” said Mr. Etherington. 

Third quarter average rents for one-bedroom and two-bedroom condominium apartments, which accounted for the great majority of rental transactions, were little changed compared to 2013.  Average one-bedroom rents were down by less than one per cent compared to last year and average two-bedroom rents were up by less than one per cent. 

“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,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Rental Market Summary: Third Quarter 2014

Apartments1,2,3

All Bedroom Types

Bachelor

One-Bedroom

Two-Bedroom

Three-Bedroom

Listed

Leased

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Q3 2014

12,133

7,868

 

231

$1,380

 

4,404

$1,626

 

3,068

$2,192

 

165

$2,720

Q3 2013

10,858

6,532

162

$1,365

3,532

$1,633

2,694

$2,173

144

$2,610

Yr./Yr. % Chg.

11.7%

20.5%

 

42.6%

1.1%

 

24.7%

-0.4%

 

13.9%

0.9%

 

14.6%

4.2%

Townhouses1,2,3

All Bedroom Types

Bachelor

One-Bedroom

Two-Bedroom

Three-Bedroom

Listed

Leased

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Q3 2014

956

482

 

2

$1,275

 

43

$1,416

 

168

$1,808

 

269

$2,066

Q3 2013

957

506

5

$1,170

49

$1,434

172

$1,825

280

$1,936

Yr./Yr. % Chg.

-0.1%

-4.7%

 

-60.0%

9.0%

 

-12.2%

-1.2%

 

-2.3%

-1.0%

 

-3.9%

6.7%