TRREB: Condo Rental Transactions Up in Q1 2024
30 Abril 2024 - 8:43AM
The number of condominium apartment lease transactions reported
through the Toronto Regional Real Estate Board’s (TRREB) MLS®
System was up strongly year-over-year in the first quarter of 2024.
Over the same period, the number of units listed for rent was up by
an even greater annual rate. This resulted in more choice for
renters and a flatlining in average rents in comparison to last
year.
The number of condominium apartment rental transactions reported
through TRREB’s MLS® System was up on a year-over-year basis by
19.7 per cent in the first quarter of 2024 to 12,541. The number of
rental listings was also up over the same period, but by a greater
annual rate of 51 per cent.
“As the population continues to grow in the Greater Toronto Area
(GTA), it is no surprise that the demand for rental units is
increasing. At the same time, people looking to rent a condo
apartment over the past few quarters are benefitting from increased
inventory, which has moderated rental price increases,” said TRREB
President Jennifer Pearce.
The average rent for a one-bedroom condominium apartment dipped
by 1.2 per cent to $2,441 in the first quarter of 2024. Over the
same period, the average two-bedroom rent remained unchanged at
$3,139.
“While the inventory of available condo units has increased over
the past year, the majority of these units will be absorbed as the
number of new GTA households continues to grow. Looking forward,
TRREB expects to see an increasing number of renters making the
move into homeownership over the next year, as borrowing costs
start to trend lower, thereby narrowing the gap between rent and
mortgage payments,” said TRREB Chief Market Analyst Jason
Mercer.
Media Inquiries:
Maria Karafilidis, Manager, Public Affairs
maria.karafilidis@trreb.ca 416-443-8139
The Toronto Regional Real Estate Board is
Canada’s largest real estate board with over 70,000 residential and
commercial professionals connecting people, property and
communities.
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/b88d5ff3-fc0e-4baa-9360-9ca7bf232727