Condo Apartments Are Popular Among Renters

October 16, 2015

Mark McLean, TREB president announced that there were 9,635 condominium apartment rental transactions reported through TREB's MLS System in the third quarter of 2015. This result represented a 22.6 per cent increase compared to the third quarter in 2014.

Most of the condominium apartment rentals were one bedroom and two bedroom units. The number of one bedroom apartments rented increased by 24.7 per cent from the third quarter in 2014 and the number of two bedroom apartment rentals increased by 18 per cent.

“Investor-owned condominium apartments remained a very popular option in the third quarter and, indeed, over the past year as well. Strong growth in rental listings were matched by strong growth rental transactions. This tells us that there are a lot of households looking to rent in the Greater Toronto Area and that many of these renters are choosing units in recently completed condominium apartment projects,” said Mr. McLean.

Average rents for one-bedroom and two-bedroom condominium apartments were up year-over-year by 1.9 per cent and 2.2 per cent respectively to $1,657 and $2,241 per month. These rates of growth outpaced the annual rate of inflation in the third quarter.

Reference: Toronto Real Estate Board