It's Only Going To Get Harder & Harder To Rent In Toronto This Fall & Here's Why
Prices are growing and availability is plummeting!
If you're thinking about looking at Toronto apartments for rent, you might not want to hesitate — it's only going to cost you more the longer you wait.
According to a recent report from the Toronto Regional Real Estate Board, residents of TO can expect rent prices to grow while the number of available homes drops.
"It is clear that the demand for rental accommodation has substantially increased compared to last year when there was a temporary pandemic-related lull," TRREB president Kevin Crigger wrote in the report."
"Strong rental demand will continue into next year, as immigration into the GTA picks up and we see a resurgence in the student population."
Condo prices — which are still lower than they were last year — are beginning to pick up again, and the TRREB reports that Torontonians rented more than double the number of apartments in early 2021 than they did in early 2020.
"The situation is changing," Jason Mercer, chief market analyst at the TRREB, said.
"It is clear that rental market conditions are tightening and will continue to do so as population growth resumes. This will result in declining vacancy rates and an acceleration in rent growth into 2022."
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