Photo: James Bombales
The 6,074 condo apartments rented out through the MLS in the first quarter of 2015 represented a 20.9 per cent surge over the same period last year. According to the Toronto Real Estate Board’s first quarter report, listings kept up with leases, reaching 13,409 units, a 20.2 per cent year-over-year increase.
Most of the leases were for 1-bedroom and 2-bedroom units and both apartment types saw a modest increase in rental pricing. The average rent for a 1-bedroom unit in the GTA was $1,585, an 0.8 per cent increase from the same time last year. 2-bedrooms suites averaged $2,180, a 1.1 per cent rise.
Rental prices were a bit higher in the City of Toronto, which was home to 11,130 apartment leases or about 82 per cent of the GTA’s leases during the first quarter. The average rent for a 1-bedroom in Toronto-proper was $1,617 and the average for a 2-bedroom condo apartment was $2,303.
The quarterly data comes not long after a TD Economics report noted condo completions in the GTA were three times the historical average in both January and February 2015. In some condo-heavy parts of the city, there were twice as many listings as there were leases. Here’s a look at how the five busiest TREB districts for condo apartment leases fared in the first quarter:
Here’s where the top five districts are located plus the average rents for the two most popular apartment types: