Rents, Rental Volume Both Up in 2010
During the May-to-August 2010 reporting period, TREB reported 6,712 leased condominium apartments and townhomes, up 18 per cent from 5,673 transactions recorded during the same time-period last year.
Average rents climbed in all apartment categories, with the benchmark two-bedroom apartment rent averaging $1,937 across all TREB districts – up three per cent from the average of $1,873 recorded in 2009.
Some differences emerged, however, when the TREB market area was broken down into four regions (west, central, east and north).
Average annual rent growth in the west, east and north districts were above the rate of inflation for most unit types. In the central districts the story was different.
The average annual rate of rent growth was below the rate of inflation for one-bedroom and two- bedroom unit types.
The number of rental listings in the central districts increased strongly year-over-year. With more properties to choose from, rent growth was more subdued.
The jump in rental listings within the central districts was driven by strong condominium apartment completions over the better part of the last year.
Many newly completed units are held by investors who have chosen to rent their units.
“Toronto’s Condo Authority”