Rent in the Greater Toronto Area (GTA) has increased for the sixth consecutive month, up from a low in March of $1,971.
According to Bullpen Research & Consulting and TorontoRentals.com, from September to August, rent for all types of property in the area increased 0.9 percent, surging from $2,097 to $2,116.
That said, the average cost of rent is still down 0.7 percent yearly, though this remains a significant improvement compared to January 2021’s 17 percent drop amid the ongoing COVID-19 pandemic.
In general, GTA tenants are paying between $80 and $120 more for a one or two-bedroom rental unit in the GTA compared to the cost in early 2021. The price of a one-bedroom GTA rental currently costs $1,834 and $2,320 for a two-bedroom.
In Toronto specifically, the average cost of renting a condo grew 10 percent annually to $2,446.
The report mentions that while condos experienced a decline in average rental prices during the pandemic, as of September, these rates recovered.
“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, the president of Bullpen Research & Consulting, in a press release.
Across the GTA, the average rent per square foot remains at $3.34 for all property types.