2021 First Quarter Rental Market Report
Wednesday May 12th, 2021
In the first quarter of 2021, average condominium apartment rents were down on a year-over-year basis, continuing to reflect a supply imbalance in favour of renters. However, year-over-year growth in rental transactions outstripped growth in the number of units listed over the same period, suggesting that rental market conditions are starting to tighten in the Greater Toronto Area (GTA) once again.
GTA REALTORS® reported 13,168 condominium apartment rentals through TRREB’s MLS® System during the first quarter of this year. This represented an increase of 81.6 percent compared to 7,251 rentals in Q1 2020. The number of condominium apartments listed for rent during Q1 2021 was up by 78.8 percent compared to Q1 2020.
The average one-bedroom condominium apartment rent was down by 16.8 percent year-over-year in Q1 2021 to $1,820 compared to $2,187 in Q1 2020. The average two-bedroom condominium apartment rent was down by 13 percent over the same time period to $2,447 compared to $2,812.