TREB Releases Rental Market Figures as Reported by GTA Realtors

  10/3/2019 |   SHARE
Posted in Rental Market by Tuscany Hills Realty Services| Back to Main Blog Page

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Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 10,800 condominium apartment rentals through TREB’s MLS® System in the third quarter of 2019. This result was up by 17.3 per cent compared to the third quarter of 2018.

The number of condominium apartments listed for rent at some point during Q3 2019 was up by 30.1 per cent compared to Q3 2018.

“The fact that rental condominium apartment listings grew at a faster year-over-year pace compared to rental transactions suggests that the rental market has become better-supplied over the past year. Steady condominium apartment completions coupled with strong average rent growth have prompted many investor-owners to list their units for rent. If growth in rental listings continues to outstrip growth in rental transactions for a sustained period, we could see a more balanced market in the future,” said TREB President Michael Collins.

Average condominium apartment rents were up on a year-over-year basis across all unit types. The average one-bedroom condominium apartment rent was $2,262 in Q3 2019 – up 4.5 per cent compared to Q3 2018. The average two-bedroom condominium apartment rent was up by 4.2 per cent over the same period to $2,941.

“Rental market conditions remained very tight in the GTA in the third quarter, as evidenced by average annual rent increases double the rate of inflation. With this being said, however, the pace of average rent growth has slowed noticeably over the past twelve months as we have seen an acceleration in listings. This suggests that renters are benefitting from more choice in the marketplace,” said Jason Mercer, TREB’s Chief Market Analyst.

Rental Market Summary: Q3 2019              
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
Q3 2019 16,407 10,800   480 $1,903   6,332 $2,262   3,736 $2,941   252 $3,749
Q3 2018 12,608 9,205   386 $1,854   5,338 $2,163   3,286 $2,822   195 $3,304
Yr./Yr. % Chg. 30.1% 17.3%   24.4% 2.7%   18.6% 4.5%   13.7% 4.2%   29.2% 13.5%
                           
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
Q3 2019 1,260 813   1 $1,650   68 $2,052   336 $2,554   408 $2,842
Q3 2018 1,003 691   1 $1,025   62 $1,858   246 $2,316   382 $2,585
Yr./Yr. % Chg. 25.6% 17.7%   0.0% 61.0%   9.7% 10.5%   36.6% 10.3%   6.8% 10.0%

Source: TREB



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