Q2 Rental Transactions Double Year-Over-Year; Average Rents Still Lower

TORONTO, July 15, 2021 (GLOBE NEWSWIRE) — The number of condominium apartment rental transactions in Q2 2021 was more than double the number reported in Q2 2020. The number of rentals was also up compared to Q1 2021 by 13.3 per cent. Growth in rental transactions also outstripped growth in the number of units listed, both on a year-over-year and quarter-over-quarter basis.

Greater Toronto Area (GTA) REALTORS® reported 14,920 condominium apartment rental transactions through TRREB’s MLS® System in Q2 2021, compared to 7,300 in Q2 2020 and 13,168 in Q1 2021. The number of condos listed for rent during the second quarter was 24,789 – up almost 15 per cent compared to Q2 2020, but down compared to the 28,784 units listed in Q1 2021.

“It is clear that the demand for rental accommodation has substantially increased compared to last year when there was a temporary pandemic-related lull. Strong rental demand will continue into next year, as immigration into the GTA picks up and we see a resurgence in the student population. With rental market conditions already tightening, and demand set to increase, we expect future increases in average rents. This trend further reinforces TRREB’s continued call for government action to increase supply,” said TRREB President Kevin Crigger.

The Q2 2021 average one-bedroom condominium apartment rent was down by 9.4 per cent year-over-year to $1,887, but up by 3.7 per cent compared to Q1 2021. The average two-bedroom rent was down by 4.8 per cent year-over-year to $2,583, but up by 5.6 per cent compared to Q1 2021.

“Renters continued to benefit from lower average rents compared to last year, which was a contributing factor to increased rental transactions. But, the situation is changing. It is clear that rental market conditions are tightening and will continue to do so as population growth resumes. This will result in declining vacancy rates and an acceleration in rent growth into 2022,” said TRREB Chief Market Analyst Jason Mercer.

Rental Market Summary: Second Quarter 2021              
Apartments                          
  All Bedroom Types Bachelor
One-Bedroom
Two-Bedroom
  Three-Bedroom
  Listed Leased   Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg. Rent   Leased Avg.
Rent
                             
Q2 2021 24,789   14,920     659   $ 1,462     8,979   $ 1,887     4,931   $ 2,583     351   $ 3,355  
Q2 2020 21,604   7,300     369   $ 1,659     4,160   $ 2,082     2,553   $ 2,713     218   $ 3,399  
Yr./Yr. % Chg. 14.7%   104.4%     78.6%     -11.9%     115.8%     -9.4%     93.1%     -4.8%     61.0%     -1.3%  
Townhouses                          
  All Bedroom Types   Bachelor   One-Bedroom   Two-Bedroom   Three-Bedroom
  Listed Leased   Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
  Leased Avg.
Rent
                             
Q2 2021 1,475   852     3   $ 1,449     93   $ 1,868     396   $ 2,503     360   $ 2,975  
Q2 2020 1,221   587     1   $ 2,200     78   $ 2,002     265   $ 2,427     243   $ 2,808  
Yr./Yr. % Chg. 20.8%   45.1%     200.0%     -34.2%     19.2%     -6.7%     49.4%     3.1%     48.1%     5.9%  

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Media Inquiries: Genevieve Grant, Public Affairs Specialist [email protected] 416-443-8159

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 62,000 residential and
commercial professionals connecting people, property and communities.

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