2014 Q4 Rental Report

Toronto Real Estate Board President Paul Etherington announced that fourth quarter 2014 condominium apartment rental transactions though the TorontoMLS system were up by 17 per cent to 5,036 compared to the fourth quarter of 2013. Over the same period, the number of condominium apartments listed on TorontoMLS was also up, but by a lesser annual rate.

“We have seen record condominium apartment completions over the last two years. Many of these new apartments are owned by investors who have chosen to rent them out. The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condominium apartment segment to find modern units in popular neighbourhoods,” said Mr. Etherington.

“Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to the region by its economic and ethno-cultural diversity,” continued Etherington.

Average rents for popular one-bedroom and two-bedroom apartments were basically flat in the fourth quarter when compared to the same period in 2013. The average one- bedroom rent was up by $10 year-over-year to $1609. Over the same period, the average two-bedroom rent remained the same.

“Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next. Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents,” said Jason Mercer, TREB’s Director of Market Analysis.


2014 Q4 Rental Market Summary
Apartments 2014 2013 VYA 2014 2013 VYA
Total Listed 10611 9310 14.0%
Total Leased 5,036 4,298 17.2% $1,828 $1,822 0.3%
Townhouses 2014 2013 VYA 2014 2013 VYA
Total Listed 967 821 17.8%
Total Leased 383 285 34.4% $1,811 $1,874 -3.3%
Apartments Leased Leased VYA Average Rent Average Rent VYA
Bachelor 109 110 -0.9% $1,327 $1,288 3.0%
One Bedroom 2962 2490 19.0% $1,609 $1,599 0.6%
Two Bedroom 1,868 1,608 16.2% $2,165 $2,165 0.0%
Three Bedroom 97 90 7.8% $2,577 $2,524 2.1%
Townhouses Leased Leased VYA Average Rent Average Rent VYA
Bachelor 1 2 -50.0% $1,100 $1,125 -2.2%
One Bedroom 40 19 110.5% $1,448 $1,489 -2.8%
Two Bedroom 153 97 57.7% $1,721 $1,840 -6.5%
Three Bedroom 189 167 13.2% $1,965 $1,946 1.0%

 

Source: TREB Market Watch

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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