Rents in the Greater Toronto Area continued higher in the three months to the end of September.

Urbanation reports a 10.3% rise in average rents for condo apartments transacted through the MLS system, to $2.99 per square foot.

That means renters in the GTA were paying around $232 per month more on average than a year ago, taking their rent to $2,219.

Inventory was around the same as the third quarter of 2016 but one-bedroom units were scarce, pushing the share of these homes renting for at least $25 above asking to 42% from 28% a year earlier.

Migration inflows and a decline in homeownership driven by tighter affordability and mortgage lending criteria.

“The intense competition between renters in Toronto shows no signs of letting up in the near future,” said Shaun Hildebrand, Urbanation’s Senior Vice President. “While it’s encouraging to see that rental proposals are still coming in, the level of new development needs to ramp up significantly in order to meet demand.”

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