This increase signifies the third straight month that rental prices have increased.
However, the report also indicates that there are some areas that are still slowing or dropping. Palmerston-Little Italy saw a 9.2 percent drop in rent, while East York and Etobicoke rent prices dropped during the second quarter of 2021 by 0.3 percent and 0.1 percent, respectively.
In addition, Wychwood experienced a 6.6 percent fall, Dovercourt Park 6.2 percent drop, North St. James Town 3.8 percent drop, Wallace Emerson 2.2 percent drop, Cabbagetown-South St. James Town 1 percent drop, Church-Yonge Corridor 1.8 percent drop, Moss Park 1 percent drop, and Little Portugal 2.6 percent drop in renal prices.
“Average rental rates are on the rise again in the GTA as vaccinations increase, case counts diminish, and the region opens up,” said the report. “Growth in the York Region and Durham Region municipalities has picked up, as well as the central downtown area, as workers prepare to return to the office. Incentives at higher-end buildings are being reduced or eliminated as demand picks up.
“Further rent growth is expected through the fall, with Bullpen Research & Consulting forecasting GTA rent growth in the double-digits in 2022.”