Greater Toronto Area realtors reported a substantial increase in the number of condominium apartments rented through the Toronto MLS system in the first quarter of 2013. There were 4,277 condominium apartments rented – up by almost 13 per cent on a year-over-year basis.

The total number of rental properties listed on Toronto MLS during the first quarter was up by more than 25 per cent year-over-year.

“Demand for rental condominium apartments remained strong during the first quarter of the year,” says Toronto Real Estate Board’s (TREB) president, Ann Hannah. “People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year.”

In the first quarter, the average monthly rent for a one-bedroom condominium apartment was $1,597 – up by almost four per cent compared to the first quarter of 2012. The average two-bedroom condominium apartment rent was up by slightly more than one per cent to $2,1114 over the same period.

“The rental market has remained quite tight over the last year. Competition between renters has been strong enough to drive increases in average rents,” says Jason Mercer, TREB’s senior manager of market analysis. “However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate.”