GTA apartment, condo rental prices on the rise: Report
A new report says the average monthly GTA rent increased 12% for all property types this April to $2,204 from $1,974 in April 2021.
This according to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report.
Rent had been declining for most of 2020 and the start of 2021 but then began eight consecutive months of increases starting in April 2021.
The report says rents are expected to increase but not at the same pace as the second half of last year and if the ownership market continues to soften, expect rents to pick up, especially downtown and in transit-friendly neighbourhoods.
Meanwhile, condos were hardest hit by COVID-19 but are recovering the quickest.
Condo apartments had an average monthly rental rate of $2,509, a 21% increase over the April 2021 average of $2,067 per month.
This also represented a month-over-month increase of 3.6% and the average rent of $2,509 per month is higher than the pre-pandemic rate of $2,473 per month in February 2020.
“Overall, the GTA rental market has flattened out this year, however, the downtown condo rental market is hotter than any period since the fall of 2019,” said Ben Myers, president of Bullpen Research & Consulting.
“GTA condo rents are up 21% annually, with select projects in Toronto’s core up by over 30% from April of last year.”
Toronto led the way with the highest annual increase for condominium rentals in April rising by more than 24% to $2,583 from $2,077 in April 2021.
Source: O Canada
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