GTA rents down 0.8% after 8 months of increases: Rent Report
The average asking rent for all property types in the GTA in December was $2,150, down by 0.8 per cent from November, according to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report.
Average rents had increased for eight consecutive months starting in April before the December dip.
Before that, average rents declined every month between December 2019 and March 2021 with the average rent in the GTA going from a high of $2,461 in November 2019 to a low of $1,975 in March 2021, a drop of $486.
December’s $2,150 average rent is 13 per cent lower than the November 2019 high of $2,461.
Neighbourhoods close to the downtown Toronto core had some of the highest average monthly rents in the GTA for condominium rentals and apartments in December.
These neighbourhoods include the Waterfront Communities — The Island, Niagara, Kensington-Chinatown, Trinity-Bellwoods, Palmerston-Little Italy and the Church-Yonge Corridor.
The Bay Street Corridor had the highest average monthly rent at $2,608, and Cabbagetown-South St James at $1,722 per month and South Parkdale at $1,772 per month had the lowest average rents.Average monthly rents increased for condo apartments in Toronto, North York, Etobicoke, Scarborough, Mississauga, and Brampton. Toronto led the way with an annual increase of 17.8 per cent in December, after declining 20.6 per cent in December 2020 from a year earlier.
“Average rents for investor-held condominiums increased by nearly 18% annually in Toronto, after an unprecedented drop of almost 21% a year earlier,” said Ben Myers, president of Bullpen Research & Consulting. “Rapid resale price growth and anticipated interest rate hikes will likely continue to fuel tenant demand, with the expectation that rents will surpass their late-2019 peak levels by the end of 2022.”
Average rent for condo rentals in North York was up 14.5 per cent after being down 18.3 per cent a year earlier; Etobicoke was up 17.7 per cent after being down 15.5 per cent; Scarborough was up 14.0 per cent after being down 9.1 per cent; Mississauga was up 16.7 per cent after being down 10.2 per cent and Brampton was up 5.6 per cent after being down 18.3 per cent.
North York average monthly rent for single-family homes increased the highest year over year in December at 14.5 per cent, after decreasing 15 per cent annually in December 2020 from December 2019. Toronto’s average monthly rent for single-family homes increased 6.6 per cent in December after decreasing 17.6 per cent in December 2020 from December 2019.
Average rents for apartments in December increased in Toronto and Brampton while dropping in the other four cities and areas.The average monthly rental rate for studio units in the GTA ranged from a low of $1,306 per month in Oshawa to a high of $1,644 per month in Etobicoke in December.
One-bedroom units had rents ranging from $1,487 per month in Scarborough to $2,013 per month in Toronto.
Two-bedroom units had average monthly rental rates ranging from $1,772 per month in Oshawa to $2,715 per month in Toronto.
Three-bedroom units rents ranged from $2,371 per month in Scarborough to $3,328 per month in Toronto.
Four-plus bedroom units average rents ranged from $2,300 in Etobicoke to $3,645 per month in Oakville.