Q4 Toronto Rental Market Report 2018
If you are a renter in Toronto it should be of no surprise that within the fourth quarter of 2018 we continued to see a very narrow market with low supply and increased rents. The average rental pricing for both a one and two bedroom increased substantially in comparison to the fourth quarter of 2017, with one bedrooms up by 8.8% annually for an average price of $2,143 and two bedrooms not far behind with a rise of 5.5% annually coming in at an average price of $2,774.
TREB president, Garry Bhaura believes that this is largely due to Toronto becoming a hub for a variety of industries that attract young professionals whom also wish to begin their young adult lives by living in a fun and thriving city. With becoming such a desired place to live the number of unoccupied rental properties continue to dwindle resulting in increased competition and thus increased average rents.
It will be interesting to see what is to come in the 2019 rental market with the new provincial rent control exemptions, potentially causing landlords to sell properties and invest in other areas causing even less supply within the rental market as per Jason Mercer, TREBS Director of Market Analysis.
See below for a quick rental market summary comparison for condos and townhomes in Q4 of both 2017 and 2018.