The Toronto Real Estate Board (TREB) reports that 8,821 GTA condo apartment rentals occurred through TREB’s MLS system in Q2-2015, a 20.3-per-cent increase over the 7,333 condo apartment rentals in Q2-2014. The number of units listed for rent in Q2 increased by 23 per cent year-over-year.
“The demand for rental accommodation in the Greater Toronto Area increased in the second quarter in response to the sustained population growth we continue to enjoy as a result of our region’s status as one of the best places to live and do business,” said Mark McLean, president of TREB, in a press release.
“Many renter households continued to focus their attention on investor-owned condominium apartments. So much so that the strong growth in the supply of units for rent was closely matched by the growth in the number of units rented, indicating that there exists a certain degree of pent-up demand in some segments of the rental market,” he continued.
In the GTA, average rents for one- and two-bedroom apartments, which account for 94 per cent of rental transactions, increased by 1.5 and 4.5 per cent, respectively, to $1,608 and $2,239.
“Growth in average rents is generally impacted by both market conditions and the type and size of units rented from one period to the next. Both of these factors played into rent increases over the past year, but the bottom line is that despite robust listings growth, strong renter demand has provided a firm foundation for rents,” said Jason Mercer, director of market analysis for TREB, in a press release.