The GTA condo market continues to see strong growth in condo apartment rentals with the Toronto Real Estate Board (TREB) recording 5,036 units leased in the fourth quarter of 2014, up 17.2 per cent from 2013. Toronto-proper accounted for 3,942, or roughly 78 per cent of all rentals.
Condo rental listings also saw a double-digit boost year-over-year, rising 14 per cent to 10,611 in the past quarter.
“We have seen record condominium apartment completions over the last two years. Many of these new apartments are owned by investors who have chosen to rent them out,” said Paul Etherington, President of TREB.
One-bedroom suites accounted for the bulk of rentals, with 2,962 of these units leased. On average, their monthly rent was $1,609, up 0.6 per cent from the same time the year before. Next in line, two-bedroom suites accounted for 1,868 condo apartment rentals and recorded an average lease of $2,165. That cost was unchanged from the year before.
“Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents,” said Jason Mercer, TREB’s Director of Market Analysis.
The amount of listings for condo apartment rentals has also increased year-over-year. In the fourth quarter of 2013, there were 9,356. By 2014, it had increased by 14 per cent to 10,611.
We looked into the five busiest rental districts to compare lease rates. C01 and C08 are downtown Toronto neighbourhoods while C07, C14 and C15 are clustered around the upper reaches of North York, along the subway lines. Here’s how they fared in Q4-2014:
|District||Listings||Leased||Bachelor leased||Bachelor avg price||1-Bedroom leased||1-Bedroom avg price||2-Bedroom leased||2-Bedroom avg price||3-bedroom leased||3-bedroom avg price|