Condo Rents Soar To All-Time High

Average monthly index rent nearing $2,000

Toronto condos seen from Maple Leaf Square on March 30, 2012. Image via Wikimedia Commons

As Toronto’s skyline has morphed and soared, so have the rental fees for the buildings. According to a new Urbanation report, rental fees across the GTA have reached an all-time high. The average index rent has hit $1,856 per month, up 4.4 per cent from last year, the report says. 

“Demand for renting condos has heated up with less first-time buyers. Rental transactions have exceeded resale volumes in the condo market since mid-2012, when the latest round of mortgage rule changes came into effect,” says Shaun Hildebrand, Urbanation’s senior vice president.

The increase in index rents is part of a larger trend, with the report noting rates “have risen by more than 10 per cent, equal to an additional $170 per month or 23 cents per square foot on average.”

[via Toronto Star]

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Josh Sherman is a Toronto Standard intern. You can follow him on Twitter at @joshuaxsherman.