This Toronto suburb has the highest one-bedroom rents in the GTA
The average lease rate for a one-bedroom apartment in the second quarter of 2021 in Toronto sat at $1,887 down by 9.4 per cent year-over-year to $1,887, but up by 3.7 per cent compared to the first quarter of 2021, the latest Toronto Regional Real Estate Board (TRREB) rent report shows.
The average two-bedroom rent was down by 4.8 per cent year-over-year to $2,583, but up by 5.6 per cent compared to first quarter of 2021.
"Renters continued to benefit from lower average rents compared to last year, which was a contributing factor to increased rental transactions. But, the situation is changing," said TRREB Chief Market Analyst Jason Mercer.
"It is clear that rental market conditions are tightening and will continue to do so as population growth resumes. This will result in declining vacancy rates and an acceleration in rent growth into 2022."
As Toronto prices dipped, rents shot up in the GTA.
Durham Region has one of the highest prices at $2,004 for a one-bedroom but they also have one of the lowest number of units listed — only 60 listed and 37 leased in the second quarter.
Toronto had 20,268 listed and 12,127 leased.
York Region rents are close to Toronto prices, at $1,848 for a one-bedroom, but Halton Region (Burlington, Halton Hills, Milton and Oakville) are at $1,999.
If you are looking to move farther, Simcoe County one-bedrooms were averaging at a whopping $3,048.
Things could be changing though and Toronto rents are expected to increase.
"It is clear that the demand for rental accommodation has substantially increased compared to last year when there was a temporary pandemic-related lull," said TRREB President Kevin Crigger.
"Strong rental demand will continue into next year, as immigration into the GTA picks up and we see a resurgence in the student population. With rental market conditions already tightening, and demand set to increase, we expect future increases in average rents. This trend further reinforces TRREB's continued call for government action to increase supply."
In other words, if you are looking to rent in the city, lock down a lease now.