GTA rentals up 32% but rates are down, National Post, Published: Friday, October 09, 2009
It's isn't just home sales that have been seeing blockbuster numbers lately - rentals in the GTA grew 32% in the May to September reporting period compared with the same timeframe a year ago, the Toronto Real Estate Board says.
TREB members posted 5,673 leased transactions, up from 4,286. But rents were down almost across the board, because of increased availability; listings were up 51% for the period, TREB says, partly because of the number of new condo buildings completed during the period. Average rent for a one-bedroom apartment was $1,439 a month, a 4% drop; two-bedroom rents were off 1% to $1,873.
Comparative condo rental prices in the four quadrants of TREB's reporting area were:
Central: One-bedroom rents were off 4% to $1,502, while two-bedroom rents fell 2% to $2,121.
East: One-bedrooms rose 1% to $1,222; two-bedrooms fell 3% to $1,459.
North: One-bedrooms fell 3% to $1,297; two-bedrooms rose 1% to $1,716.
West: One-bedrooms were down 3% to $1,304; two-bedrooms were down 1% to $1,590.