Toronto rental prices seem to be coming back to life after slumping during the OCVID-19 pandemic.
According to a new report from Strata.ca revealed that rental prices across the GTA have increased by $150 per month. The cost of a renting a condo in the city was an average of $2,218 in June, which hasn’t reached this price since October 2020.
One-bedroom condo units have increased by about $100 per month since April, while three-bedroom condo rentals have seen the most increase by $400 per month.
Specific locations, for example, prices are up almost $300 per month since April. And in the Village and Queen West, the average rent rose by nearly $200 a month. Meanwhile, a lease at CityPlace is up by about $190.
Real estate agent Osman Omaid from Strata stated that the reasoning for the increase is that the “pandemic had pushed a lot of people out of the city and into the suburbs. But now with things opening back up, there’s more demand for downtown rentals. Therefore, we’re seeing low vacancy rates and higher prices.”
In addition, the overall decline in downtown inventory have landlords holding off on listing their units for rent, well at least until they feel they can charge more. According to Strata.ca agent Francisco Hiebert, “Tenants who were timing the market are now getting off the sidelines and flooding the rental space. They’ll have to start competing with everyone else though, raising prices even further.”