Toronto Condo Rental Market Reaches New Heights

September 28, 2024

TORONTO CONDO RENTAL MARKET REACHES NEW HEIGHTS
RENTAL TRANSACTIONS AND RENTS CONTINUE TO GROW

TORONTO – August 19, 2013: Urbanation Inc., the leading source of information and analysis on the
Toronto condominium market since 1981, released its Q2-2013 rental market results today.
A record high 5,315 condominium apartments were rented on the MLS system during the second quarter
of 2013, up by 20% from a year ago. Demand was able to keep pace with a surge of listings, driving
average rents up by 4.1% from last year to $2.35 per square foot, or $1,847 per month.

Rental transactions continued to eclipse sales of condominium apartment units in both the resale market
(4,689 units) and new home market (3,903 units) in the second quarter.
“These results show that in one form or another, demand for condominiums in Toronto remains very
stable. The growth in condo rental activity reflects a greater movement of younger households into the
core, and a lack of growth in traditional rental supply” said Shaun Hildebrand, Urbanation’s Senior Vice
President.”

The number of units listed for rent on the MLS system in the second quarter grew by 22% from last year.
Out of the 3,652 units that registered in Q2-2013, 682 units (19%) were listed for rent, 92% of which
were rented out during the quarter.
“Most investors are proving to have longer-term intentions by holding onto their units. While rental
yields, in general, have come down for new units, many properties continue to achieve strong returns with
almost no vacancies” added Hildebrand.