How Many Hundreds Of Dollars Are Toronto Rents Rising?
Thursday Apr 13th, 2023
Toronto rents keep going up and up.
As mortgage rates increased, until this and last month, we know it's become much more difficult for would-be buyers to purchase a home. So naturally, the go-to option, for a place to live, is to lease/rent a condo.
With so many would-be buyers taking this path, rentals are at a premium and it now costs $400 more to rent a Toronto condo than April 2022! Soaring rent prices continue to trend across the GTA and a new report reveals that tenants will have to shell out hundreds more this year to lease in downtown Toronto.
The latest Toronto rent report shows that the average monthly rent for an unfurnished, one-bedroom in the GTA has even increased by $65 since February.
This brings the rental rates to the highest level we’ve seen since 2022.
Unsurprisingly, downtown Toronto had, by far, the highest average rent prices for one, two, and three-bedroom units this month.
The average price for a downtown unfurnished one-bedroom apartment was $2,003 However, the March. 2023 report reveals that the same units are now going for $2,408, representing an increase of $400.
When looking at the GTA as a whole, the average monthly rent for an unfurnished bedroom unit has increased by $441 since this time last year.
The most common rental property continues to be condo apartments, representing a whopping 87.52 per cent of active listings. Partial houses, such as basement suites, also remain popular and are the second-most rented unit type at 5.94 per cent.
According to this month's report, Vaughan-Richmond Hill had the most expensive rent per square foot, while Markham had the least expensive costs for space on average.
Brampton also maintains the least expensive with the average price for an unfurnished one-bedroom unit being $1,786, which represents a difference of $622 when compared to a similar unit in downtown Toronto.