GTA REALTORS® Release Rental Market Report for second quarter of 2013

Average rents for one-bedroom and two-bedroom condominium apartments increased well-above the rate of inflation on a year-over-year basis

Greater Toronto Area REALTORS® reported 5,853 condominium apartments rented through the TorontoMLS system in the second quarter of 2013. This result was up by approximately 23 per cent in comparison to the second quarter of 2012. The number of condominium apartments listed for rent was up by over 15 per cent to 10,284.

“Condominium apartments rented out by investors have become an increasingly important part of the overall rental stock in the GTA, given that very few purpose-built rental properties have been completed over the last decade,” said Toronto Real Estate Board President Dianne Usher.

“Strong demand for condo rentals has come from households who want to live in up-to-date units but who are not ready to buy. These renter households include would-be first-time buyers who are waiting to save a down payment and/or benefit from increased incomes and new comers to Canada who often choose to rent before entering into the home ownership market,” continued Ms. Usher.

Average rents for one-bedroom and two-bedroom condominium apartments increased well-above the rate of inflation on a year-over-year basis in the second quarter, reaching $1,611 per month and $2,174 per month respectively.

“The fact that annual growth in rental transactions outstripped growth in the number of units listed for rent suggests that conditions in the GTA tightened over the past year and that the vacancy rate has remained very low. Strong competition between renters for available units has prompted continued upward pressure in average rents,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.



 

Rental Market Summary Tables: Second Quarter 2013
Apartments
All Bedroom Types					Bachelor					One-Bedroom					Two-Bedroom					Three-Bedroom
Listed		Leased		Leased			Avg. Rent		Leased			Avg. Rent		Leased			Avg. Rent		Leased			Avg. Rent
Q2 2013	10,284		5,853			178		$1,335			3,184		$1,611			2,375		$2,174			116		$2,496
Q2 2012	8,893		4,762			143		$1,285			2,548		$1,556			1,945		$2,089			126		$2,625
Yr./Yr. % Chg.	15.6%		22.9%			24.5%		3.9%			25.0%		3.5%			22.1%		4.1%			-7.9%		-4.9%
Source: Toronto Real Estate Board
Townhouses
All Bedroom Types					Bachelor					One-Bedroom					Two-Bedroom					Three-Bedroom
Listed		Leased		Leased			Avg. Rent		Leased			Avg. Rent		Leased			Avg. Rent		Leased			Avg. Rent
Q2 2013	777		409			1		$925			39		$1,509			125		$1,822			244		$1,921
Q2 2012	804		366			0		-			31		$1,416			110		$1,677			225		$1,911
Yr./Yr. % Chg.	-3.4%		11.7%			-		-			25.8%		6.6%			13.6%		8.6%			8.4%		0.5%



Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

READ FULL RENTAL REPORT:  Courtesy of TREB

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