TORONTO, ONTARIO, JANUARY 15, 2020 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 6,758 condominium apartment rentals through TREB’s MLS® System in the fourth quarter of 2019. This result was up by 11.8 per cent compared to the fourth quarter of 2018.
The number of condominium apartments listed for rent at some point during Q4 2019 was up by 35.6 per cent compared to Q4 2018.
“Strong job growth across a number of different sectors coupled with the GTA’s renowned cultural diversity continued to fuel robust population growth in 2019. Obviously, all of these people needed a place to live, with many initially pointed to the rental market. This obviously underpinned the growth in condominium apartment rental transactions,” said TREB President Michael Collins.
Average condominium apartment rents were up on a year-over-year basis for one-bedroom and two-bedroom units. The average one-bedroom condominium apartment rent was $2,209 in Q4 2019 – up 3.1 per cent compared to Q4 2018. The average two-bedroom condominium apartment rent was up by 3.4 per cent over the same period to $2,868.
“The condominium apartment rental market became progressively better supplied throughout 2019, as annual growth the number of units listed for rent outstripped growth in rental transactions. The increase in units listed was likely due, at least in part, to condominium apartment investor-owners listing their units for rent in response to extremely strong average rent growth in 2018 and 2019. This resulted in average rent growth moderating closer to the rate of inflation,” said Jason Mercer, TREB’s Chief Market Analyst.
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