The average Toronto rent price is on the rise for the fourth month in a row, now closing in on an average of $2,200.
A new report from TorontoRentals.com and Bullpen Research & Consulting found that rent prices across the GTA rose 3% in July to a new average of $2,078. Out of all the GTA cities, Toronto experienced the largest increase, with prices shooting up 4.7% in just one month to $2,167.
Etobicoke and Oshawa were not far behind, with prices rising 4.6% and 4.3%, respectively.
Despite these substantial increases, rent prices across the GTA are still lower than they were pre-pandemic. Compared to January 2022, when the average GTA rent was $2,411, the current average price is $333 lower.
“After the unprecedented rent declines experienced during the pandemic, the rental market is seeing renewed interest, with rents starting to increase more rapidly than they declined,” said Ben Myers, president of Bullpen Research & Consulting. “Toronto’s average rent jumped 4.7 percent monthly, a huge increase in the face of increasing demand. The number of active listings on TorontoRentals.com has declined over the past couple of months as rental properties are snapped up quickly.”
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Perhaps somewhat unexpectedly, the GTA city with the highest one-bedroom rental price was Oakville, with the average one-bedroom unit going for $1,869. Toronto took the top spot for two-bedroom units with an average price of $2,462, and Vaughan has the most expensive three-bedrooms at $3,100.
Across the GTA, four-bedroom units have seen the biggest increase in rent prices this year, rising 11.3% from $3,160 to $3,518.
“Many of the largest units outside of downtown are being snapped up quickly on TorontoRentals.com,” the report reads. “Some tenants are still looking for larger rentals outside downtown Toronto, signalling that they don’t expect to be going back to the office full-time in the immediate future.”