Condo rents in the Greater Toronto Area have reached a record high as demand exceeded growth in supply for the fifth consecutive quarter, a new report by market research firm Urbanation Inc. finds.
Released on July 19, the report found that the average condo rent in the GTA rose 5.9 percent in the second quarter of 2022 compared to the previous quarter, and 16.7 percent year-over-year.
“As the GTA rental market fully recovered from the effects of COVID-19 and rents reached new highs, the smallest and least expensive unit types experienced the strongest growth rates,” the report said.
Specifically, studio rental prices surged 25 percent compared to last year, with the average price reaching $1,895 per month in the last three months. As for one-bedroom units, the rents were up 19 percent, with an average cost of $2,182 per month in the second quarter….