GTA condo rents climb at fastest pace on record: Urbanation
BNN Bloomberg
Condo rental prices climbed at a record pace in the Greater Toronto Area during the second quarter of this year following a sharp drop in available homes to rent, according to industry tracker Urbanation.
Urbanation found that the average rental price per square foot rose 5.9 per cent quarter-over-quarter to a new high of $2,533. As well, annual rental growth prices rose by a record pace of 16.7 per cent in the second quarter, the data showed.
The decline in condo inventory comes at a time when some buyers are being priced out of the housing market because of the rising interest rates. Urbanation also pointed toward strong population growth and near record-low unemployment in the GTA have contributed to the growing rental demand.
“The GTA rental market was as strong as ever heading into the peak summer months, which is sure to place further downward pressure vacancies and upward pressure on rents,” according to Shaun Hildebrand, president of Urbanation, in a statement.
