Toronto area rent prices just keep skyrocketing further from attainability
After Greater Toronto Area (GTA) rents dipped to the lowest prices seen in two years back in March, it's been growing steadily more expensive to rent a home in the region.
September marked the sixth consecutive month of the average rental price increasing, and it doesn't look like things will slow down any time soon according to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report.
The latest @Rentalsdotca National Rent Report is out. Average rent in Canada is identical to a year earlier, but still down by almost 10% from two years ago. Rent growth in Toronto & Vancouver slowed in September: https://t.co/l480SXEXre #ToRE #VanRE w/ @BullpenConsult pic.twitter.com/M73dHjWcZy— Big Ben Myers 🐂✒️ (@benmyers29) October 14, 2021
Across all property types, the rents were up almost one per cent in September, climbing from $2,097 in August to $2,116.
While this actually marks a 0.7 per cent year-over-year decrease, rents have skyrocketed since plummeting to $1,971 in March. On average, renting a one- or two-bedroom unit in the GTA will now cost you between $80 and $120 more than during the first few months of 2021.
"The rental market in the GTA continues to slowly recover from the significant declines experienced during the pandemic, but average rent levels remain well below pre-COVID levels," said Ben Myers, president of Bullpen Research & Consulting.
"The fall market is typically one of the strongest periods for rent growth and leasing activity, and the condo rental market in Toronto is very hot, with average rent rising 19 per cent between February and September of this year."
Still, compared to this time last year, it's slightly cheaper to rent a home in the region. At $1,834, one-bedroom units are 3.8 per cent cheaper than Sept. 2020, while two-bedroom rents fell 2.2 per cent to $2,320.
If you're looking for a three-bedroom unit, the region-wide average rents have barely changed year-over-year, dropping 0.8 per cent to $2,765.
These figures are a bit deceptive, as specific sub-markets like condo apartments within the 416 are seeing hot demand.
It will now cost you an average of $2,446 to rent a downtown Toronto condo, a staggering 21 per cent higher than the average price of a typical rental apartment in the same zone.
These prices have jumped 10 per cent in the last year, and it isn't too different elsewhere in the region, with GTA condo apartment rental prices climbing eight per cent over September 2020 to $2,373 per month.
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