Rent in Toronto just hit a 19-month high
Rent in Toronto has risen yet again and is now at a 19-month high.
According to Zumper’s June 2022 Canadian Rent Report, the median rent for a one-bedroom in Toronto reached $2,000 last month, the highest it’s been since October 2020.
It marks a monthly increase of 0.5% and a yearly jump of 11.1%. The price of a two-bedroom grew 3.1% month-over-month to $2,630 — an annual increase of 13.4%.
The figures help Toronto maintain its position as the second-most expensive Canadian city, paling only to Vancouver.
“As many leases end during the summer, it seems many renters are beginning to look for their next apartment, which is driving up demand and prices,” Zumper said of its report.
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While rent increased in Toronto, it got cheaper to live in other parts of Ontario.
In Barrie, the median two-bedroom rent dropped to $1,940 in June, a month-over-month decline of 4.6%. Two-bedrooms also got cheaper in Kingston, down 2.7% to $1,810.
In Kitchener, rent for a one-bedroom fell to $1,590, a monthly decrease of 0.6%, while two-bedroom rents declined 1.1% month-over-month, to $1,840.
Rent dropped in St. Catharines, too. The median price of a one-bedroom fell to $1,470, a monthly decline of 2.0%, while rent for a two-bedroom dipped to $1,780, a 0.6% decline.
Despite the May to June drop, rent in the aforementioned cities was still up on a yearly basis by as much as 15.5%.
The largest monthly rent increases were seen in Windsor and London. A one-bedroom was up 5.0% in the former to $1,270, while a two-bedroom in the latter rose 5.2% to $1,830.
Overall, 75% of the cities in Zumper’s rent report experienced a monthly increase in rent, while over 60% saw double-digit yearly increases.
Zumper