GTA REALTORS® Report Q1 Rental Market Statistics
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GREATER TORONTO REALTORS REPORT Q1 RENTAL MARKET STATISTICS
April 15, 2014 — Toronto Real Estate Board President Dianne Usher
announced that strong growth in rental transactions and rental listings was
reported by Greater Toronto REALTORS® during the first quarter of 2014. For condominium apartments in
particular, total rental transactions were up by 17.8 per cent compared to the
first quarter of 2013. The total
number of units listed was up by an even greater 27.7 per cent.
“Renters
took advantage of an increased supply of investor-owned units listed for rent
in the first quarter. These units,
with modern finishes, choice amenities and locations in popular neighbourhoods
attracted a growing number of renter households, including young professionals
moving close to work in downtown Toronto and new comers to Canada who initially
chose to rent,” said Ms. Usher.
One-bedroom
units accounted for approximately 60 per cent of total condominium apartment
rentals in Q1 2014. The average
one-bedroom rent was down by 1.6 per cent to $1,573. Two-bedroom condominium apartments
accounted for 36 per cent of transactions. The average two-bedroom rent was up by 1.9 per cent to $2,155.
“The
condominium apartment rental market has become better supplied over the past 12
months as a number of new projects reached the completion stage. While rental demand has remained strong,
and many investor-owned rental units have been absorbed, the increase in supply
has given prospective renters more choice, so the pace of average rent growth
has moderated,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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
Q1 2014
11,208
5,033
113
$1,346
3,002
$1,573
1,807
$2,155
111
$2,746
Q1 2013
8,780
4,273
97
$1,308
2,379
$1,597
1,698
$2,115
99
$2,748
Yr./Yr. % Chg.
27.7%
17.8%
16.5%
3.0%
26.2%
-1.6%
6.4%
1.9%
12.1%
-0.1%
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
Q1 2014
760
326
2
$1,150
33
$1,490
107
$1,904
184
$1,949
Q1 2013
694
284
3
$1,417
26
$1,509
94
$1,889
161
$2,002
Yr./Yr. % Chg.
9.5%
14.8%
-33.3%
-18.8%
26.9%
-1.3%
13.8%
0.8%
14.3%
-2.7%
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 37,000 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/news2014/nr_rental_report_Q1-2014.htm
Tags: Toronto Realtor