For the January to April 2011 period, TREB Members reported 5,079 lease transactions for condominium apartments and townhomes. This result was up 18 per cent from 4,319 lease transactions reported during the same time-period in 2010. The number of rental units listed on the TorontoMLS® rose 10 per cent to 9,374 units.
The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.
With the number of transactions rising at a greater rate than the number of units available for rent, rental market conditions tightened. Average rental rates were up in comparison to last year. One-bedroom apartments rented for an average of $1,485 per month, up 1.5 per cent year-over-year. Two-bedroom apartment units rented for an average of $1,958 per month – up 2.5 per cent compared to the first four months of 2010.
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