2014 Q3 Rental Report

Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions through the TorontoMLS system were up by 20.5 per cent year-over-year in the third quarter to 7,868. The increase was driven by the popular one-bedroom apartment segment, which experienced an increase in rental transactions of 24.7 per cent compared to the same period last year.

The number of condominium apartments listed for rent on TorontoMLS during the third quarter was up by 11.7 per cent compared to the third quarter in 2013.

“The third quarter rental market results were very positive. We have experienced strong condo apartment completions over the past two years. Many of these completions have translated into rental listings on the TorontoMLS system. However, this does not mean we have experienced a glut in supply. To the contrary, we actually saw growth in transactions outstrip growth in the number of units listed, suggesting there exists some pent-up demand for condo rentals,” said Mr. Etherington.

Third quarter average rents for one-bedroom and two-bedroom condominium apartments, which accounted for the great majority of rental transactions, were little changed compared to 2013. Average one-bedroom rents were down by less than one per cent compared to last year and average two- bedroom rents were up by less than one per cent.

“Rental market conditions in the GTA have tightened over the past two quarters, with growth in rental transactions outpacing growth in listings. This suggests that we could see some renewed upward pressure on average rents moving forward, as competition between renters increases,” said Jason Mercer, TREB’s Director of Market Analysis.

Source: TREB

2014 Q3 Rental Market Summary
Apartments 2014 2013 VYA 2014 2013 VYA
Total Listed 12133 10858 11.7%
Total Leased 7,868 6,532 20.5% $1,862 $1,871 -0.4%
Townhouses 2014 2013 VYA 2014 2013 VYA
Total Listed 956 957 -0.1%
Total Leased 482 506 -4.7% $1,915 $1,842 3.9%
Apartments Leased Leased VYA Average Rent Average Rent VYA
Bachelor 231 162 42.6% $1,380 $1,365 1.1%
One Bedroom 4404 3532 24.7% $1,626 $1,633 -0.4%
Two Bedroom 3,068 2,694 13.9% $2,192 $2,173 0.9%
Three Bedroom 165 144 14.6% $2,720 $2,610 4.2%
Townhouses Leased Leased VYA Average Rent Average Rent VYA
Bachelor 2 5 -60.0% $1,275 $1,170 9.0%
One Bedroom 43 49 -12.2% $1,416 $1,434 -1.3%
Two Bedroom 168 172 -2.3% $1,808 $1,825 -0.9%
Three Bedroom 269 280 -3.9% $2,066 $1,936 6.7%

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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