Friday, March 29, 2024

AVERAGE RENT REACHES NEW HIGH AS COMPETITION HEATS UP IN THE GTA

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alongside a booming regional economy. This means that an increasing
number of people requiring a place to live will turn to the rental market,” said TRREB President Kevin
Crigger.
The average condo rents were up by double digits annually for all bedroom types in the second quarter.
The average one-bedroom rent increased by 20.2 per cent year-over-year to $2,269. Over the same
period, the average two-bedroom rent was up by 15.3 per cent to $2,979.
“Competition between renters continues to heat up, resulting in extremely strong upward pressure on
average rents. Rental supply remains a major issue in the GTA and will become more pronounced in
the short term, as an increasing share of well-employed individuals turn to the rental market.
Policymakers need to develop a diversity of options to bring more rental supply online, whether we’re
talking about investor-held condominium apartments or purpose-built rental developments,” said
TRREB Chief Market Analyst Jason Mercer.

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