The Toronto Real Estate Board reported 6,933 apartment lease transactions through the TorontoMLS® system in the May through August 2011 period. This represented an 11 per cent increase compared to the same period in 2010. The number of units listed during the period was also up, but by a lesser rate of four per cent compared to 2010.
“Condominium apartments represent a very important component of the rental housing stock in the GTA. We have seen very little purpose-built rental apartment construction over the past few years. This means that people looking to rent an apartment with modern finishings and amenities have by and large turned to investor-held condominium apartments to meet their housing needs,” said Toronto Real Estate Board President Richard Silver.
Average condominium apartment rents increased for all bedroom types. Average rents for one-bedroom and two-bedroom apartments during the May through August period were up by four and five per cent respectively compared to 2010.
“Growth in apartment rental transactions outstripped growth in the number of units listed. This means that competition between prospective renters increased. The result was higher average rents in comparison to last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.