2014 Q2 Rental Report

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 7,342 rental transactions through the TorontoMLS system in the second quarter of 2014. This result was up by 25.7 per cent compared to Q2 2013. The number of units listed for rent in the second quarter was up by 22.2 per cent on a year-over-year basis to 12,510.

“Condominium apartments rented out by investors represent an important component of the overall rental pool in the Greater Toronto Area. These units account for the majority of newly completed apartments listed for rent in the marketplace today. Renters looking for apartments located in popular neighbourhoods with up-to-date designs and modern finishes are increasingly renting investor-owned units. This is why the number of rental transactions continued to increase last quarter,” said Mr. Etherington.

Average rents for popular one-bedroom and two-bedroom unit types dipped slightly on a year-over-year basis. The average one- bedroom rent in Q2 2014 was $1,583; the average two-bedroom rent was $2,142.

“Last quarter we saw stronger growth in the number of units rented relative to the number of units listed. This suggests that competition between renters increased. If this trend continues, we will likely experience renewed growth in average rents in the second half of 2014,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

2014 Q2 Rental Market Summary        
             
Apartments 2014 2013 VYA 2014 2013 VYA
             
Total Listed 12510 10241 22.2%      
             
Total Leased 7,342 5,843 25.7% $1,988 $1,929 3.1%
             
             
Townhouses 2014 2013 VYA 2014 2013 VYA
             
Total Listed 830 780 6.4%      
             
Total Leased 444 408 8.8% $1,906 $1,849 3.0%
             
Apartments Leased Leased   Average Rent Average Rent  
             
Bachelor 196 178 10.1% $1,327 $1,335 -0.6%
One Bedroom 4333 3177 36.4% $1,583 $1,610 -1.7%
Two Bedroom 2,660 2,372 12.1% $2,660 $2,372 12.1%
Three Bedroom 153 116 31.9% $2,614 $2,496 4.7%
             
Townhouses Leased Leased   Average Rent Average Rent  
             
Bachelor 1 1 0.0% $1,020 $925 10.3%
One Bedroom 53 39 35.9% $1,400 $1,509 -7.2%
Two Bedroom 134 125 7.2% $1,858 $1,822 2.0%
Three Bedroom 256 243 5.3% $2,039 $1,922 6.1%

 

Source: TREB

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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