Purpose Built Rental Units Needed

Purpose Built Rental Units Needed

Toronto Rent Continues To Top The Tight Canadian Rental Market

Toronto’s rental market has been getting tighter and tighter in recent months, and December was no exception.The average rent for a Canadian property rose 1.3 per cent month-over-month last month to $1,776, according to the latest data release from Rentals.ca.

The average rent for a Toronto one-bedroom apartment remained steady at $2,135, while the average rent for a two-bedroom apartment rose 3 per cent month-over-month to $2,577.

Of course, that price varies depending on size and location. Basement apartments on the outskirts of the city are going for as low as $600 per month, while condos on the waterfront are fetching up to $3,600.

On a price-per-square-foot basis, listings ranged from a low of $1.03 per-square-foot to a high of $7.00 per-square-foot.

As for other trends, a rash of downtown units have been listed on Airbnb over the past few months, according to the report’s author, president of Bullpen Research & Consulting Inc Ben Myers.

“[This is] reducing the potential stock of rental units and putting further upward pressure on rental rates,” he writes, in the report. “The City of Toronto is looking to restrict usage of AirBnB to only units that are the permanent residence of the owner.”

Another trend that Myers notes is the slight difference between rent charged for single-family homes and condo units across Canada — with the average for the former sitting at $2,534 while the latter comes in at just $2,450.

 

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