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The total number of rental properties listed on TorontoMLS during the first quarter was up by more than 25 per cent year-over-year to 8,816.
“Demand for rental condominium apartments remained strong during the first quarter of the year. People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year,” said Toronto Real Estate Board President Ann Hannah.
The average monthly rent for one-bedroom condominium apartments in the first quarter was $1,597 – up by almost four per cent compared to Q1 2012. The average two-bedroom condominium apartment rent was up by slightly more than one per cent over the same period to $2,114.
“The rental market has remained quite tight over the last year. Competition between renters has been strong enough to drive increases in average rents. However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate,” commented Jason Mercer, TREB’s Senior Manager of Market Analysis.
Rental Market Summary Tables: First Quarter 2013 |
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Apartments |
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| All Bedroom Types |
| Bachelor |
| One-Bedroom |
| Two-Bedroom |
| Three-Bedroom | |||||
| Listed | Leased |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
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Q1 2013 | 8,816 | 4,277 |
| 97 | $1,308 |
| 2,380 | $1,597 |
| 1,700 | $2,114 |
| 100 | $2,737 |
Q1 2012 | 7,020 | 3,796 |
| 95 | $1,306 |
| 2,109 | $1,537 |
| 1,517 | $2,090 |
| 75 | $2,079 |
Yr./Yr. % Chg. | 25.6% | 12.7% |
| 2.1% | 0.2% |
| 12.8% | 3.9% |
| 12.1% | 1.2% |
| 33.3% | 31.6% |
Townhouses |
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| All Bedroom Types |
| Bachelor |
| One-Bedroom |
| Two-Bedroom |
| Three-Bedroom | |||||
| Listed | Leased |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
| Leased | Avg. Rent |
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Q1 2013 | 695 | 284 |
| 3 | $1,417 |
| 26 | $1,509 |
| 94 | $1,889 |
| 161 | $2,002 |
Q1 2012 | 588 | 276 |
| 3 | $1,263 |
| 34 | $1,403 |
| 73 | $1,696 |
| 166 | $1,933 |
Yr./Yr. % Chg. | 18.2% | 2.9% |
| 0.0% | 12.1% |
| -23.5% | 7.6% |
| 28.8% | 11.4% |
| -3.0% | 3.6% |
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 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Click here for complete Rental Market Report [PDF] Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
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