Supply shortage causes spike in monthly rents
October 13, 2017
Urbanation, the leading source for Toronto condo market statistics, released its third quarter 2017 rental results, announcing that rents continue to soar as supply drops.
The number of Greater Toronto Area (GTA) rental transactions reported through the MLS increased by 10.3% to 7,761 compared to the same period last year. Average monthly rent went up to $2.99 per square foot to $2,219, which is a year-over-year increase of $232.
While rental activity was up overall, there was a decrease in activity with regards to smaller and less expensive units. One-bedroom rentals dropped by 11% and studio rentals fell 3%. But, both benchmark monthly rents increased by approximately $200 to $1,839 and $1,672, respectively.