NEWS RELEASE



GTA REALTORS® REPORT Q1 RENTAL MARKET FIGURES

TORONTO, April 17, 2015 -- Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions and listings reported by Greater Toronto Area REALTORS® were up strongly on a year-over-year basis in the first quarter of 2015. The total number of units rented was up by 20.9 per cent to 6,074. A very similar annual growth rate of 20.2 per cent was noted for the number of units listed during the first quarter, with the number climbing to 13,409. Two-thirds of condo apartment rental transactions took place in TREB's central districts within the City of Toronto.

“There are many renter households in the GTA and this number continues to increase as our population grows each year.  As a result, demand has been strong, keeping vacancy rates low.  This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order.  Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," said Mr. Etherington.

The great majority of condo apartment rentals were accounted for by one-bedroom and two-bedroom units. The average one-bedroom rent was up by 0.8 per cent year-over-year to $1,585. The average two-bedroom rent was up by 1.1 per cent year-over-year to $2,180.

"There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types. The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock," said Jason Mercer, TREB's Director of Market Analysis.

 

Rental Market Summary: First Quarter 2015

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 2015

13,409

6,074

 

158

$1,325

 

3,576

$1,585

 

2,221

$2,180

 

119

$2,777

Q1 2014

11,158

5,025

113

$1,346

2,997

$1,572

1,804

$2,155

111

$2,746

Yr./Yr. % Chg.

20.2%

20.9%

 

39.8%

-1.6%

 

19.3%

0.8%

 

23.1%

1.1%

 

7.2%

1.1%

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 2015

950

397

 

3

$932

 

35

$1,634

 

163

$1,805

 

196

$2,025

Q1 2014

803

325

2

$1,150

33

$1,490

107

$1,904

183

$1,947

Yr./Yr. % Chg.

18.3%

22.2%

 

50.0%

-19.0%

 

6.1%

9.7%

 

52.3%

-5.2%

 

7.1%

4.0%