Toronto Rental Market Report

Rental Transactions and Rental Rates both increase

Both leased transactions through the TorontoMLS system and monthly rents achieved in these transactions climbed in the second four-month period of 2008. Total units rented came to 4,297 (apartments and townhouses), up 12 per cent over the same timeframe in 2007. Meanwhile, benchmark two-bedroom apartments rented for $1,885 per month, up one per cent over the $1,860 per month recorded in the corresponding period of 2007, and in fact, rental prices in all categories rose.

The most active districts for rentals within the GTAfor apartment rentals remained in the downtown core (C01, which had 1,130 rental transactions), North York (C14, with 500 rentals), and Cooksville (W15, with 402 rentals). With townhouses, the most active districts were within Mississauga (W19 and W20, with 33 and 49 rentals respectively), and North York (C14, with 26 rentals).

As noted previously, rents in all categories of leased property increased during the May to August period. For example, bachelor apartments increased to $1,216 per month, from the $1,167 per month recorded in the middle portion of 2007, a four per cent rise. Three-bedroom townhouses saw a significant increase, up seven per cent to $1,780 per month from last year’s $1,661 figure.

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