Average monthly rent for a condo in Toronto was $2,446 in September

Residents of Toronto who rent a condo rather than an apartment spend an average of 21% more per month, a difference that has widened dramatically in the last year.

According to a new survey from Bullpen Research & Consulting and TorontoRentals.com, the average monthly rent for a condo in Toronto was $2,446 in September. During the same period, the average rent for a rental apartment was $2,025.

The 21 percent gap in rents between condos and apartments in Toronto is a significant increase from the 7% difference witnessed in September 2020.

This widening gap is visible throughout the GTA, with a 21 percent difference in condo and apartment rent prices across the board. In September, the average condo rent in the GTA was $2,373, while the average apartment rent was $1,953. In September 2020, the difference in rent prices between the two categories of dwelling in the GTA was only 9%.

Prices across all rental categories in Toronto have risen for the sixth month in a row after bottoming out in March of this year. And, despite the fact that many parts of the rental market are still down year over year, the average rent per square foot for rental units in downtown Toronto is up 4.5 percent from September 2020.

According to the research, the market will continue to rebound for the rest of the year, with demand for larger units continuing strong.

“The rental market in the GTA continues to slowly recover from the significant declines experienced during the pandemic, but average rent levels remain well below pre-COVID levels,” said Ben Myers, president of Bullpen Research & Consulting. “The fall market is typically one of the strongest periods for rent growth and leasing activity, and the condo rental market in Toronto is very hot, with average rent rising 19% between February and September of this year.”

“As the country continues its return to normalcy, rental rates continue to recover (condo apartments more quickly than rental apartments). Moving forward, average rents of larger units (namely townhouses and single-family homes) look to continue increasing as the demand for space to work from home persists,” said the report.

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