According to the latest rental market survey from Urbanation Inc. (Urbanation), Toronto’s condo rental market broke records in 2014. Condominium apartments rented through the MLS system exceeded the previous year’s record, growing 15 per cent year-over-year, to 22,765 units.
In the face of rising inventory, demand kept pace with new listings, which grew by 10 per cent from 2013.
“The condo rental market grew into its shoes in 2014,” says Shaun Hildebrand, Senior Vice President at Urbanation. “Demand proved strong enough to absorb the market’s greatest amount of new supply in history, while also revealing an equilibrium for rent levels. The rental market’s proven stability and consistent growth is encouraging as we remain in a scenario of high condo completions over the next couple years.”
Other notable 2014 condo apartment statistics from the survey included:
- A one per cent increase in average condo apartment rents;
- Average unit sizes trending downward, with a 1.5 per cent decrease from 2013; and
- Shrinking unit sizes continuing to influence a downward trend in absolute monthly rents.