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.
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