Rent prices across the Greater Toronto Area have declined yet again.
According to new data published this week by TorontoRentals.com, average rent dropped to $2,219 in the GTA in June, down 1.7 percent over the previous month and 7.3 percent year-over-year.
The aggregate data TorontoRentals.com uses to publish its average rent price takes into account rent price changes across all property types, including single detached and semi-detached homes, condo apartments, purpose-built rentals and basement apartments. By this measure, rental prices in the GTA have been slipping steadily for seven straight months.
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Within the Toronto region, North York and Markham both saw average monthly rents decline by 11 percent year-over-year, dropping to $2,093 and $2,071, respectively. In Mississauga, rental prices fell 10 percent, reduced to $2,073. In York and Toronto, prices decreased by 8 percent to monthly rents of $2,153 and $2,314, respectively. The only GTA area to see average price gains in June was Scarborough, where rents rose one percent annually from $1,986 to $2,000.
Eight out of 10 Toronto neighbourhoods analyzed in the report saw rent drops between 8 to 12 percent year-over-year. Moss Park experienced the steepest average rent declines, falling by 14 percent to $2,098. By contrast, rents in North St. James Town improved by 10 percent to $2,238, boosted by an increase in listings from The Selby, a purpose-built high-rise apartment building.
There is one important segment of the rental market where prices saw a monthly gain in June: rental apartments. The average rent for a GTA apartment rose 6.5 percent over the previous month, up from $1,922 to $2,047.
“The rental market in the GTA continues to soften, but the average rent for rental apartments increased month over month,” said Ben Myers, president of Bullpen Research & Consulting, in a press release. “This isn’t likely due to owners raising rent, but shows that landlords are standing firm on their asking rent, convinced that demand will return in the late summer as every region enters Stage 3 of the reopening.”