GTA rent prices rose by “the fastest pace on record” in the second quarter of this year with the average one-bedroom unit being leased out for nearly $2,200 a month, a new report has found.
GTA rent prices rose by “the fastest pace on record” in the second quarter of this year with the average one-bedroom unit being leased out for nearly $2,200 a month, aUrbanation Inc. say that rent prices rose for the fifth consecutive quarter due, in part, to “near record-low unemployment, and a sharp reduction in home purchasing power as interest rates increased.”
The average cost for a one-bedroom unit was $2,182 per month in the second quarter, while two-bedroom units were rented out at an average cost of $2,862 per month and three-bedroom units were rented out for $3,740 a month, on average. “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,” Urbanation President Shaun Hildebrand warned in a statement. “With housing affordability at generational lows and continuing to deteriorate, it’s concerning to see rental demand and supply deviate so strongly.”
Studio apartment rent prices are down about one per cent from the second quarter of 2019 while units with dens saw gains of between 6.4 per cent and 9.4 per cent over the same time period as renters sought out additional space while working from home.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rents in GTA Reach New Heights as Vacancy Rate FallsNew data from Urbanation shows that rents in the GTA have risen by their fastest pace on record as we recover from the pandemic. realestatenews rent
Read more »
GTA under heat warning as climatologist warns that 'warmest part of summer has yet to come'Most of Ontario, including the City of Toronto, is under a heat warning and one expert saying this could be the beginning of a “warmer than usual” summer.
Read more »
CP24 - Toronto News | Breaking News | GTA Real Estate News | Toronto WeatherA prominent urbanist has joined the Toronto mayoral race, telling that the “city is falling apart” and needs a shakeup in its leadership.
Read more »
Toronto-area rent prices ‘rise by fastest pace on record,’ new report says | Globalnews.ca'With housing affordability at generational lows and continuing to deteriorate, it’s concerning to see rental demand and supply deviate so strongly.'
Read more »
Rents in GTA Reach New Heights as Vacancy Rate FallsNew data from Urbanation shows that rents in the GTA have risen by their fastest pace on record as we recover from the pandemic. realestatenews rent
Read more »
Toronto rents are rising at fastest pace in more than a decade, report saysThe rental market is headed ‘in the wrong direction’ as vacancy tightens while rental construction stalls, says Urbanation’s president.
Read more »