Renting a condo in Toronto costs 21% more on average than an apartment

Oct 26 2021, 6:12 pm

Toronto residents renting a condo rather than an apartment are paying on average 21% more each month — a gap that’s increased significantly over the past year.

In September, the average rent for a condo in Toronto was $2,446 per month, according to a new report from Bullpen Research & Consulting and The average rent for a rental apartment during that same time was $2,025.

This 21% difference between condo and apartment rents in Toronto is a big change from the just 7% difference seen in September 2020.

This growing gap is happening all across the GTA, with the entire area’s condo and apartment rent prices experiencing a 21% discrepancy. The average GTA condo rent for September sat at $2,373 while apartments averaged $1,953. Back in September 2020, the GTA had a much smaller 9% difference between rent prices in the two types of housing.

toronto condo renting

After bottoming out in March of this year, prices across all rental types are up in Toronto for the sixth straight month in a row. And although many segments of the rental market are still down year-over-year, the average rent per square foot for rental apartments in downtown Toronto is actually up 4.5% compared to September 2020.

“The rental market in the GTA continues to slowly recover from the significant declines experienced during the pandemic, but average rent levels remain well below pre-COVID levels,” said Ben Myers, president of Bullpen Research & Consulting. “The fall market is typically one of the strongest periods for rent growth and leasing activity, and the condo rental market in Toronto is very hot, with average rent rising 19% between February and September of this year.”

The report predicts that the market will continue to recover for the remainder of the year, with demand remaining high for larger units.

“As the country continues its return to normalcy, rental rates continue to recover (condo apartments more quickly than rental apartments),” the report reads. “Moving forward, average rents of larger units (namely townhouses and single-family homes) look to continue increasing as the demand for space to work from home persists.”

Laura HanrahanLaura Hanrahan

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