Categories: News

TRREB Reports Condo Rentals and Listings are up While Rent is Down

TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) — Greater Toronto Area REALTORS® reported 12,584 condominium apartment rentals through TRREB’s MLS® System during the fourth quarter of 2020. This represented an increase of 86.3 per cent compared to 6,756 rentals in Q4 2019. The number of condominium apartments listed for rent during Q4 2020 was up by 131.6 per cent compared to Q4 2019.

“Demand for condominium apartment rentals reached record highs in the second half of 2020, particularly in the fourth quarter. However, at the same time, growth in the number of available units far outstripped growth in rental transactions, as many investors chose to make their units available due to the impact of COVID-19 on tourism and the short-term rental market, City of Toronto restrictions on short-term rentals and the prospect of a vacancy tax. The result was much more choice and negotiating power for renters and a downward adjustment in average rents,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.

The average one-bedroom condominium apartment rent was down by 16.5 per cent year over year in Q4 2020 to $1,845 compared to $2,209 in Q4 2019. The average two-bedroom condominium apartment rent was down by 14.5 per cent over the same time period to $2,453 compared to $2,868.

“As we move through 2021, rental demand will remain strong as the economic situation continues to improve, especially as the pace of the vaccine rollout increases and immigration and non-permanent migration into the GTA accelerates. Eventually, this will result in much of the current rental unit inventory being absorbed, but market conditions will likely continue to favour renters through much of 2021,” said Jason Mercer, TRREB’s Chief Market Analyst.

Rental Market Summary: Fourth Quarter 2020              
                             
Apartments                          
  All Bedroom Types   Bachelor   One-Bedroom   Two-Bedroom   Three-Bedroom
  Listed Leased   Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
                             
Q4 2020 33,280 12,584   484 $1,436   7,281 $1,845   4,534 $2,453   285 $3,174
Q4 2019 14,371 6,756   256 $1,869   4,123 $2,209   2,240 $2,868   137 $3,324
Yr./Yr. % Chg. 131.6% 86.3%   89.1% -23.2%   76.6% -16.5%   102.4% -14.5%   108.0% -4.5%
                           
Townhouses                          
  All Bedroom Types   Bachelor   One-Bedroom   Two-Bedroom   Three-Bedroom
  Listed Leased   Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
                             
Q4 2020 1,651 724   4 $1,800   88 $1,891   311 $2,410   321 $2,800
Q4 2019 1,261 610   1 $1,600   65 $2,002   299 $2,410   245 $2,597
Yr./Yr. % Chg. 30.9% 18.7%   300.0% 12.5%   35.4% -5.5%   4.0% 0.0%   31.0% 7.8%

Source: Toronto Regional Real Estate Board

FOR THE FULL REPORT, CLICK HERE

Media Inquiries: Genevieve Grant, Public Affairs Specialist ggrant@trebnet.net 416-443-8159

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 57,000 residential and commercial professionals connecting people, property and communities.

www.trreb.ca/

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