GTA Condo Apartment Rentals See Sizable Price Increase Q1 2018!
Wednesday Apr 18th, 2018Share
The average rent for one-bedroom condominium apartments in the Toronto Real Estate Board market area was up 11.4% on an annual basis to $1,995 in the first three months of 2018! The average two-bedroom condominium apartment rent was up by 9.1% over the same period to $2,653, according to market figures reported by GTA Realtors*. The number of condo apartments available for rent during the first three months of 2018 was down 11.8% compared to the same period of 2017. With the vacancy rate continuing to be around 1% for condo apartments, price increases are substantial, since low supplies and increased demand continues. The GTA continues to be a very desirable place to live in the world. People continue to move to the region due to quality employment opportunities, and long term stable and safe socio/political/economic conditions. Downtown Toronto has continued to see multiple competing offers on some prime rental units, more notably in the financial and entertainment districts, in the first three months of this year!
Unfortunately, the low-vacancy, high rent demand situation could be further exacerbated by the recent rent control provisions contained in the Fair Housing Plan. Some investors may look elsewhere for more control over, and better returns on their investments......not a good thing for sustained rental supply and stable rent prices over the longer term.
* Trademark Licensed Realtors
Source: Toronto Real Estate Board News Release April 16, 2018.