rent condo toronto

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.


Join the conversation Load comments

Latest in City

An Ontario MPP was just suspended from Twitter for his anti-mask rants

Toronto just approved a bunch of new hotels for post-travel quarantine

Woman slammed with $3,458 bill for one night in Toronto quarantine hotel after funeral

Photo of Toronto bogeyman Joseph Bloor animated into video with terrifying results

An iceberg twice the size of Toronto just broke off Antarctica

Ontario zoo named worst in the continent for treatment of elephants

Spring in Toronto expected to be warmer than usual this year

The majority of downtown Toronto workers are ready to go back to the office