The rental market in the Greater Toronto Area remains tight according to new figures from the Toronto Real Estate Board. Its rental market report for the first three months of 2016 shows that there was a year-over-year rise of 6.5 per cent in condo apartment rentals through the MLS.
“It’s not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one bedroom and two-bedroom apartment categories,” said TREB president Mark McLean.
Toronto renters can expect to pay an average $1,662 for a one-bedroom apartment (up 4.8 per cent from March 2015) or $2,375 for a two-bedroom apartment (up 8.9 per cent.)
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