As per new TREB statistics published for the second quarter of 2018 for rent market in GTA, the average monthly rent for a one bedroom condo in second quarter of 2018 has topped $2,055 a month. This average was only $1,861 a month on the same quarter in 2017. That means an average of 10.43% only in one year!
A similar trend has been reported for bachelor type condos with 10.64% increase comparing the second quarter of 2017, This situation is similar for two and three bedroom condos in GTA. The average monthly rent for two bedroom condo for second quarter of 2018 in the GTA was $2,755 (8.8% increase) and $3,469 for three bedrooms (10.2% increase).
After new mortgage regulations enforced in 2017 that imposed more severe conditions for buyers all with imposing new restrictions for rent controls, it seems that these controls on rent have not calmed the strong upward trend on monthly rents for available condominium apartments in the GTA. New, condominium apartments entering the market have not been enough to establish balance in the condo rental market. Consequently, the strong competition between renters continues to raise average rent increases to double digit annual average rent increase
Many people thought that buyers would prefer renting as ownership costs have surged. But now, sharp rent growth since last year may force many renters to think differently. They have increasingly fewer choices for finding a place to live.