Toronto’s rental landscape has gone condo. The CMHC reports that the 2013 GTA rental market, made up of purpose-built apartment and row rental structures, was down 600 units from 2012 with the squeeze largely felt in the 416 and two-bedroom apartments.
On the flip side, rented condos grew to about 77,000 units in 2013 throughout the GTA. About 43 per cent of the newly completed condos that went online this year were rented (Tweet this).
Any rental apartment buildings or rented out condo units built after 1991 aren’t subject to provincial rent guidelines, so rents on new apartments mimic current market conditions, which has translated into high rents as demand stayed strong.
Here’s what we learned about condo rentals from the report:
- In Toronto, 27.6 per cent of condos were rented out as of fall 2013, up from 23.6 per cent the same time in 2012 (Tweet this).
- The dollar difference between a 1-bedroom condo rental and a 1-bedroom apartment rental was largest in Toronto Centre, with a $586 price gap.
- The dollar difference between a 2-bedroom condo rental and 2-bedroom apartment rental in Toronto Centre was $720.
- Etobicoke or Toronto West recorded the largest percentage differences, with a 1-bedroom condo 57.49 per cent more expensive than a rental apartment and a 2-bedroom condo costing 54.55 per cent more than its apartment building equivalent.
The CMHC didn’t have statistically reliable data for bachelor suites and three bedroom plus flats, but here are some stats for one-bedroom and two-bedroom rentals: