Renting a condo in Toronto is getting more expensive

How much does it cost to rent a condo right now in Toronto? More than it did last year, says research firm Urbanation.

According to Urbanation, in the first quarter of 2016 (until March 31), the average cost of rent rose to $2.53 per square foot. That's up 6.8 per cent, or $2.37 per square foot since last year, as the Financial Post reports.

The condo-focused real estate firm suggests population growth and increased employment rates may be a factor here. The competitive (and pricey) home ownership market might also be pushing more people towards condo rental units.

It's not surprising then, as the Post notes, that between January and March of this year, applications for new rental developments were up 40 per cent.

Photo by Charles Bodi in the blogTO Flickr pool.