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TREB: Renting Figures Up 20.9% in Q1 2015

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The Toronto Real Estate Board (TREB) released it’s quarterly numbers for rental transactions and listings, and results indicate a strong quarter with an year-over-year growth rate of 20.9%. In total there were 6,074 units rented.

Paul Etherington of TREB commented: “There are many renter households in the GTA and this number continues to increase as our population grows each year.  As a result, demand has been strong, keeping vacancy rates low.  This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order.  Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions.”

Out of a total of 13,409 properties listed for rent, 6,074 properties were leased. This represents a great increase over previous years, particularly in Bachelor suites (39.8% increase). This potentially suggests that a greater population is starting to rent as home prices set new historical highs.

Although home prices have increased drastically, rental prices have stayed stagnant for the most part. Prices changed within a range of -2 to 1.1%.

 

Rental Market Summary: First Quarter 2015
Apartments
All Bedroom Types   Bachelor   One-Bedroom   Two-Bedroom   Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q1 2015 13,409 6,074 158 $1,325 3,576 $1,585 2,221 $2,180 119 $2,777
Q1 2014 11,158 5,025 113 $1,346 2,997 $1,572 1,804 $2,155 111 $2,746
Yr./Yr. % Chg. 20.2% 20.9% 39.8% -1.6% 19.3% 0.8% 23.1% 1.1% 7.2% 1.1%
Townhouses
All Bedroom Types   Bachelor   One-Bedroom   Two-Bedroom   Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q1 2015 950 397 3 $932 35 $1,634 163 $1,805 196 $2,025
Q1 2014 803 325 2 $1,150 33 $1,490 107 $1,904 183 $1,947
Yr./Yr. % Chg. 18.3% 22.2% 50.0% -19.0% 6.1% 9.7% 52.3% -5.2% 7.1% 4.0%
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