The number of Toronto condo rentals through the MLS system increased by 13.5 per cent in first quarter of 2014 when compared with data from the previous year, according to Urbanation Inc. A record level of 4,448 units were rented.

“The rising number of recently completed units offered for rent continues to be met with exceptionally strong demand,” says Shaun Hildebrand, senior vice-president. “Although competition among landlords has increased since last year, the market is still in their favour and supportive of rent growth.”

Condo rents throughout Toronto grew at a more moderate pace of 0.5 per cent annually to $2.25 per square foot. The average monthly rent dropped to $1,824, a decrease of 1.7 per cent, year-over-year.

Urbanation also reports that growth in rental listings surpassed growth in transactions for the fourth consecutive quarter.