Average GTA condo rents now higher than pre-pandemic prices
The average rental rate for a condo in the Greater Toronto Area is now higher than it was before the pandemic.
According to the latest Toronto GTA Rent Report from Bullpen Research & Consulting and TorontoRentals.com, the average monthly rent for a condo in the GTA was $2,509 in April.
The figure represents a monthly increase of 3.6% and a 21% jump from April 2021. It is also $36 higher than the average monthly rent seen in February 2020.
Condos in Toronto saw an even higher annual rent increase last month. Average rents hit $2,583 in April, up more than 24% from the year prior. Some projects in the city’s downtown core saw rents rise 30% year-over-year.
“The downtown condo rental market is hotter than any period since the fall of 2019,” said Ben Myers, president of Bullpen Research & Consulting.
In Mississauga, average condo rents rose 24% year-over-year to $2,632. In Etobicoke, they sat at $2,514, a yearly increase of 20%.
Bullpen Research & Consulting and TorontoRentals.com
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Apartment rentals in the GTA also got more expensive in April.
In Toronto, rents increased 9% year-over-year to $2,139 per month. Burlington saw the highest jump in the GTA: average apartment rents rose 17% annually, hitting $2,211.
In Scarborough and Brampton, average apartment rents decreased 2% annually.
Bullpen Research & Consulting and TorontoRentals.com
In April, average GTA rents saw a monthly increase of 1%. Now at $2,204, the figure represents a yearly increase of 12%.
The average monthly rent in Toronto last month was $2,325, a yearly increase of 16%.
“If the ownership market continues to soften, expect rents to pick up, especially downtown and in transit-friendly neighbourhoods,” the report stated.