2014 Q1 Rental Report

Toronto Real Estate Board President Dianne Usher announced that strong growth in rental transactions and rental listings was reported by Greater Toronto REALTORS® during the first quarter of 2014. For condominium apartments in particular, total rental transactions were up by 17.8 per cent compared to the first quarter of 2013. The total number of units listed was up by an even greater 27.7 per cent.

“Renters took advantage of an increased supply of investor-owned units listed for rent in the first quarter. These units, with modern finishes, choice amenities and locations in popular neighbourhoods attracted a growing number of renter households, including young professionals moving close to work in downtown Toronto and new comers to Canada who initially chose to rent,” said Ms. Usher.

One-bedroom units accounted for approximately 60 per cent of total condominium apartment rentals in Q1 2014. The average one-bedroom rent was down by 1.6 per cent to $1,573. Two-bedroom condominium apartments accounted for 36 per cent of transactions. The average two-bedroom rent was up by 1.9 per cent to $2,155.

“The condominium apartment rental market has become better supplied over the past 12 months as a number of new projects reached the completion stage. While rental demand has remained strong, and many investor-owned rental units have been absorbed, the increase in supply has given prospective renters more choice, so the pace of average rent growth has moderated,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: TREB Market Watch

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2014 Q1 Rental Market Summary            
                 
Apartments 2014 2013 VYA 2014 2013 VYA    
                 
Total Listed 11208 8780 27.7%          
                 
Total Leased 5,033 4,273 17.8% $1,803 $1,823 -1.1%    
                 
                 
Townhouses 2014 2013 VYA 2014 2013 VYA    
                 
Total Listed 760 694 9.5%          
                 
Total Leased 326 284 14.8% $1,883 $1,913 -1.6%    
                 
Apartments Leased Leased   Average Rent Average Rent      
                 
Bachelor 113 97 16.5% $1,346 $1,308 2.9%    
One Bedroom 3002 2379 26.2% $1,573 $1,597 -1.5%    
Two Bedroom 1,807 1,698 6.4% $2,155 $2,115 1.9%    
Three Bedroom 111 99 12.1% $2,746 $2,748 -0.1%    
                 
Townhouses Leased Leased   Average Rent Average Rent      
                 
Bachelor 2 3 -33.3% $1,150 $1,417 -18.8%    
One Bedroom 33 26 26.9% $1,490 $1,509 -1.3%    
Two Bedroom 107 94 13.8% $1,904 $1,889 0.8%    
Three Bedroom 184 161 14.3% $1,949 $2,002 -2.6%    
                 
Apartments                
Bachelor 113 $1,346 2.2% $30 97 $1,308 2.3% $30
One Bedroom 3002 $1,573 59.6% $938 2379 $1,597 55.7% $889
Two Bedroom 1807 $2,155 35.9% $774 1698 $2,115 39.7% $840
Three Bedroom 111 $2,746 2.2% $61 99 $2,748 2.3% $64
  5033   100.0% $1,803 4273   100.0% $1,823
                 
Townhouses                
Bachelor 2 $1,150 0.6% $7 3 $1,417 1.1% $15
One Bedroom 33 $1,490 10.1% $151 26 $1,509 9.2% $138
Two Bedroom 107 $1,904 32.8% $625 94 $1,889 33.1% $625
Three Bedroom 184 $1,949 56.4% $1,100 161 $2,002 56.7% $1,135
  326   100.0% $1,883 284   100.0%

$1,913

 

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Donald Lum

Donald Lum

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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