Toronto rental rates fastest growing in Canada
Toronto's rental housing market is downright scary right now, and there are few signs that affordability will improve in the near future. After significant price gains over the last two months, March rental rates show the highest percentage increase so far this year.
According to data complied by apartment listings website Padmapper, the median cost to rent both a one and two bedroom apartment in Toronto has increased by 4.9 percent in March. That compares with 4.5 percent (one bedroom) and 4.6 percent (two bedroom) last month
In January, the rate of increase was 3.3 and 3.7 percent, respectively. To start the year, the median price of a one bedroom in Toronto was $1,550 and a two bedroom came in at $1,970. Now Padmapper has those prices at $1,700 and $2,160, respectively.
Do you see a troubling trend? Rents were already way up last year, and the numbers are only climbing.
Despite these increases, Toronto has yet to become the most expensive rental market in Canada. That title still goes to Vancouver, though its rate of increase flat lined over the last month. The median price of a one and two bedroom stayed at $1,900 and $3,130.
Other cities also experienced major price increases for March. Kingston's one bedroom apartment stock jumped 5.3 percent to $990 but its two bedrooms were a bit cooler at 3.6 percent growth for a median of $1,180.
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