NEWS RELEASE
GTA REALTORS® REPORT Q1 RENTAL MARKET FIGURES
TORONTO, April 17, 2015 -- Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions and listings reported by Greater Toronto Area REALTORS® were up strongly on a year-over-year basis in the first quarter of 2015. The total number of units rented was up by 20.9 per cent to 6,074. A very similar annual growth rate of 20.2 per cent was noted for the number of units listed during the first quarter, with the number climbing to 13,409. Two-thirds of condo apartment rental transactions took place in TREB's central districts within the City of Toronto.
“There are many renter households in the GTA and this number continues to increase as our population grows each year. As a result, demand has been strong, keeping vacancy rates low. This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," said Mr. Etherington.
The great majority of condo apartment rentals were accounted for by one-bedroom and two-bedroom units. The average one-bedroom rent was up by 0.8 per cent year-over-year to $1,585. The average two-bedroom rent was up by 1.1 per cent year-over-year to $2,180.
"There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types. The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock," said Jason Mercer, TREB's Director of Market Analysis.
“There are many renter households in the GTA and this number continues to increase as our population grows each year. As a result, demand has been strong, keeping vacancy rates low. This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," said Mr. Etherington.
The great majority of condo apartment rentals were accounted for by one-bedroom and two-bedroom units. The average one-bedroom rent was up by 0.8 per cent year-over-year to $1,585. The average two-bedroom rent was up by 1.1 per cent year-over-year to $2,180.
"There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types. The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock," said Jason Mercer, TREB's Director of Market Analysis.
Rental Market Summary: First Quarter 2015
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Apartments
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All Bedroom Types
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Bachelor
|
One-Bedroom
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Two-Bedroom
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Three-Bedroom
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Listed
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Leased
|
Leased
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Avg. Rent
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Leased
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Avg. Rent
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Leased
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Avg. Rent
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Leased
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Avg. Rent
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Q1 2015
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13,409
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6,074
|
158
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$1,325
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3,576
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$1,585
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2,221
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$2,180
|
119
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$2,777
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Q1 2014
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11,158
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5,025
|
113
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$1,346
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2,997
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$1,572
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1,804
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$2,155
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111
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$2,746
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Yr./Yr. % Chg.
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20.2%
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20.9%
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39.8%
|
-1.6%
|
19.3%
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0.8%
|
23.1%
|
1.1%
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7.2%
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1.1%
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Townhouses
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All Bedroom Types
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Bachelor
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One-Bedroom
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Two-Bedroom
|
Three-Bedroom
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Listed
|
Leased
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Leased
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Avg. Rent
|
Leased
|
Avg. Rent
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Leased
|
Avg. Rent
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Leased
|
Avg. Rent
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Q1 2015
|
950
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397
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3
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$932
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35
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$1,634
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163
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$1,805
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196
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$2,025
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Q1 2014
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803
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325
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2
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$1,150
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33
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$1,490
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107
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$1,904
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183
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$1,947
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Yr./Yr. % Chg.
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18.3%
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22.2%
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50.0%
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-19.0%
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6.1%
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9.7%
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52.3%
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-5.2%
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7.1%
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4.0%
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GET THE LATEST NEWS AND INFORMATION FROM TREB
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 40,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
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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 40,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
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