Approximately 25 per cent more condominium apartments were rented through the Toronto MLS listing system in the third quarter of 2013 compared to the same period last year.

The Greater Toronto Area Realtors reported that 6,541 condominium apartments were rented in the third quarter this year. In this period, the number of condo apartments listed for rent on Toronto MLS was also up, rising 21 per cent year-over-year to 10,719.

About 80 per cent of condo apartment rental transactions took place in the City of Toronto, with a substantial number of rentals in parts of Peel and York Regions.

“Almost one-third of GTA households rent the home in which they live. Given that we have experienced sustained population growth in the region, it makes sense that rental transactions have been increasing as well,” says Dianne Usher, president of the Toronto Real Estate Board. “Investor-owned condominium apartments are popular because of the modern finishes and amenities offered by many of these properties.”

The third quarter also saw average rents rise, with one-bedroom units up 1.8 per cent and two-bedrooms up 3.6 per cent.