It costs $402 more every month to live in the GTA than it did a year ago

The average rent in the Greater Toronto Area has risen by more than $400 since July 2021, and is officially at an all-time high.

According to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report, the average monthly rent for all property types in the GTA hit $2,482 in July, an annual increase of 19.3%. The average in July 2021 was $2,080.

While many major cities have not seen rent rise by 3% in a year, the GTA’s average rent has increased by at least 3.1% every month since May.

Bullpen Research & Consulting and TorontoRentals.com

The 3.3% monthly jump from June to July has pushed the GTA’s average rent above the previous market high of $2,460 seen in November 2019. As the fall market often sees the highest demand, rents are expected to continue their upward trajectory in the short term.

“The Greater Toronto Area continues to see unprecedented rent growth, with monthly increases exceeding 3% in May, June, and July,” said Ben Myers, president of Bullpen Research & Consulting.

Two-bedroom units saw the highest annual price increase, up 19% to $2,708. The average rent for one-bedrooms rose 15% from July 2021 to $2,043, while studios and three-bedrooms were up by 14% year-over-year, to $1,712 and $2,708, respectively.

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At $2,667 per month, downtown Toronto had the highest average rent for condo rentals and apartments in the GTA in July. Rents were up 6.2% from June, and 24.5% annually.

Mississauga had the second most expensive rent for condo rentals and apartments in the GTA last month, at $2,308, followed by Vaughan, at $2,292. The figures represent annual increases of 16.4% and 2.8%, respectively.

While Vaughan’s modest growth rate was the lowest across the GTA, it was the only municipality that experienced annual rent growth in July 2021.

Bullpen Research & Consulting and TorontoRentals.com

The average rent rose in all Toronto postal codes year-over-year, the report noted.

In the M5V postal code, which encompasses neighbourhoods including the Fashion District, Entertainment District, and CityPlace, rent was up 43% annually in July to $3,203.

In M4Y, average rents hit $2,674 per month in July, an annual increase of 24%. The postal code includes The Village and a portion of Downtown Yonge.

“With further interest rate hikes coming, uncertainty in the ownership market, and the high-demand fall rental season upcoming, expect further outsized rent increases over the next few months,” Myers said.