Average Toronto rents up more than 13% in April, near pre-pandemic prices

Rental rates in Toronto rose once again in April 2022 and are now closing in on pre-pandemic prices.

The May 2022 National Rent Report from Rentals.ca and Bullpen Research & Consulting placed the average Canadian rent in April 2022 at $1,821 per month.

Representing a 9% increase from April 2021, the figure is “similar to the levels experienced before the pandemic,” but is still about $25 per month below 2019 and 2020 levels.

In Toronto, the average monthly rent for a one-bedroom apartment was up 13% year-over-year last month, and now stands at $2,065. It’s an increase of 2.1% over March.

The average rent for a two-bedroom apartment in the city is now $2,849 — a 17.2% increase from April 2021. Month-over-month, rents are up 2.6%, the report says.

The average rent for all property types in Toronto — $2,303 — made it the second-most expensive city on the list of 35, paling only to Vancouver’s $2,748. Of the top 10 priciest cities, seven were in the GTHA.

Rentals.ca and Bullpen Research & Consulting

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When looking at the average rent by unit size, some Toronto properties have creeped closer to pre-pandemic prices than others.

Larger units are seeing rental rates increase faster than smaller spaces, partially due to the continuation of hybrid work and need for home office space.

Rentals.ca and Bullpen Research & Consulting

Condo apartments had an average rent per-square-foot of $3.70 in April, a monthly increase of 1.6%. They’re up 18% annually, and nearing the $3.76 seen in March 2020.

The average rent per-square-foot of a rental apartment in Toronto was $3.35 last month, a monthly increase of 1.5% and a yearly jump of 14%. In March 2020, they sat at $3.41.

“Big city rents are surging with Vancouver and Toronto leading the way,” said Ben Meyers, the president of Bullpen Research & Consulting.

“A return to the office, high gas prices, and rising interest rates are all fueling demand for centrally-located rental offerings.”