For the fourth month in a row, rental rates in the GTA are on the rise heading.
A new report from TorontoRentals.com and Bullpen Research & Consulting revealed that rental rates across the GTA jumped by 3% in July to an average of $2,078. Toronto had the largest increase to $2,167, up 4.7% in the last month. Etobicoke and Oshawa followed by 4.6% and 4.3%, respectively.
“After the unprecedented rent declines experienced during the pandemic, the rental market is seeing renewed interest, with rents starting to increase more rapidly than they declined,” said Ben Myers, president of Bullpen Research & Consulting. “Toronto’s average rent jumped 4.7 percent monthly, a huge increase in the face of increasing demand. The number of active listings on TorontoRentals.com has declined over the past couple of months as rental properties are snapped up quickly.”
Before the COVID-19 pandemic, the average GTA rent was $2,411.
Oakville has the highest 1-bedroom rates at $1,869, while Toronto captured the highest 2-bedroom rental rates at $2,462. Vaughan currently has the most expensive 3-bedroom rental rates at $3,100 per month. Four-bedroom rent prices across the GTA are up 11.3% from $3,160 to $3,518 per month.
“Many of the largest units outside of downtown are being snapped up quickly on TorontoRentals.com. Some tenants are still looking for larger rentals outside downtown Toronto, signalling that they don’t expect to be going back to the office full-time in the immediate future,” said the report.
“As Canada continues its return to normalcy, rental rates in the GTA continue to rise heading into the latter half of 2021. While still far off from the highs seen in 2019, the average rents in the GTA will continue their upward trajectory, with single-family homes and townhouses leading the way. Look for the rental rates in condo and rental apartments to experience a sharp increase if working from home becomes unfashionable and employers start to require employees to be back in the office more frequently,” said Myers.