GTA REALTORS® Release Q1 Rental Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® Release Q1 Rental Market Report
TORONTO, April 18, 2012 – Greater Toronto REALTORS® reported 3,804 leased condominium apartment transactions in the first quarter of 2012, up 11 per cent from the 3,442 units rented during the first three months of 2011. The number of condominium apartments listed for rent on the TorontoMLS system during the first quarter was also up, but by a lesser four per cent to 7,096 units.
“There have been very few purpose-built rental buildings completed in the GTA over the past few years. This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners,” said Toronto Real Estate Board President Richard Silver.
“Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings,” continued Silver.
Average one-bedroom and two-bedroom condominium apartment rents increased at annual rates above inflation, at four and seven per cent respectively.
“Tighter rental market conditions played a key role in the strong annual average rent increases. However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Rental Market Summary: First Quarter 2012
Apartments1,2,3
All Bedroom Types
Bachelor
One-Bedroom
Two-Bedroom
Three-Bedroom
Listed
Leased
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Q1 2012
7,096
3,804
96
$1,306
2,111
$1,538
1,522
$2,089
75
$2,079
Q1 2011
6,829
3,442
76
$1,220
1,839
$1,484
1,445
$1,957
82
$2,442
Yr./Yr. % Chg.
4%
11%
26%
7%
15%
4%
5%
7%
-9%
-15%
Townhouses1,2,3
All Bedroom Types
Bachelor
One-Bedroom
Two-Bedroom
Three-Bedroom
Listed
Leased
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Q1 2012
603
276
3
$1,263
34
$1,403
73
$1,696
166
$1,933
Q1 2011
556
206
0
-
20
$1,374
49
$1,647
137
$1,830
Yr./Yr. % Chg.
8%
34%
-
-
70%
2%
49%
3%
21%
6%
1Refers to the total number of rental units that were available during the reporting period.
2Refers to firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period.
3Refers to the average lease rate for firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period.
For information about Buyer Representation Agreements (BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior Manager Media Relations.
Toronto Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416) 443-8158, Email:maryg@trebnet.com
Greater Toronto REALTORS are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 31,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canadas largest real estate board. Greater Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_rental_report_Q1-2012.htm
Tags: Toronto Realtor