Toronto Real Estate Board members reported the latest May-to-August Toronto Condominium rental report.
There were 6,712 leased Condominiums and Townhouses during this period, up 18 per cent from 5,673 transactions recorded during the same time-frame last year.
The benchmark two-bedroom apartment rent averaged $1937 across all the TREB Districts, up 3 per cent from the same time-period in 2009.
Toronto Real Estate Central District Results:
- One Bedroom-2468 units-average rent $1,520
- Two Bedroom-1,534 units-average rent $2,115
- Townhouses-124 units-average rent $2,983
The average Central one-bedroom Condominium rental was leased for $1,520, up 1 per cent year-over-year and the average two-bedroom Condominium rental was $2,115 per month, declining slightly, year-over-year.
Toronto continues to see strong Condominium completions this year that resulted in a jump in Condo Rental listings and hence, lower average rental prices.
Investors of these new Toronto Condos choose to continue to hold their units and rent them out, with the average rent growth "more subdued" with even more rental Condos to choose from.
Buying or selling your Downtown Condominium or other Toronto Real Estate? Please feel free to contact us for more information.
Related:
Posts
