Luxury rent in Toronto falls 4.8% in Q4: report
BNN Bloomberg
A new report suggests luxury rent in Toronto fell 4.8 per cent in the fourth quarter of 2023, more than any of the 10 major cities in the world it studied.
Knight Frank’s Prime Global Rental Index found the cost of luxury rentals in the fourth quarter declined by 0.6 per cent among 10 cities it reviewed, marking the first quarterly dip since 2021.
“As with most residential rental markets, the luxury segment has been characterized by a chronic mismatch between supply and demand for over three years,” Liam Bailey, a partner with Knight Frank and the firm’s global head of research, wrote in the report.
“However, while demand remains strong, the ability for tenants to continue bidding rents higher is being limited by affordability constraints. This, together with a slight improvement in rental supply, is limiting the pace of rental growth.”
