GTA REALTORS® Release Release Rental Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® Release Rental Market Report
July 16, 2013 — 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, TREBs 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%
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 38,000 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/news2013/nr_rental_report_Q2-2013.htm
Tags: Toronto Realtor