Toronto Real Estate Board President Garry Bhaura reported that strong condo rent growth continued in the second quarter of this year. Greater Toronto Area realtors continued to report strong average rent increases for condo units located in the Greater Toronto region.
In the second quarter, the average one bedroom condo unit rent increased to $2,055. This figure represents a 10.4 per cent increase on a year-over-year basis. The average two bedroom condo unit rent increased to $2,755. This figure represents a 8.8 per cent increase on a year-over-year basis.
A total of 3,104 two bedroom condo units were rented through TREB's MLS System during the second quarter. This figure represents a 1.2 per cent increase from the second quarter of last year.
Toronto Real Estate Board President, Garry Bhaura stated that the demand for condo unit rentals stayed strong in comparison to the number of units available for rent. He mentioned that renters do not have much choice when it comes to finding a place to live due to current market conditions.
He suggested that the government needs to finding ways to increase the number of rental units, both investor-held units and rental buildings. This can stabilize the pace of rent growth in the Greater Toronto Area.
Reference:Toronto Real Estate Board