Demand for rentals in downtown Toronto soared in July, 2022, and will continue to accelerate in the short-term according to projections from Bullpen Research & Consulting and TorontoRentals.com.
Overall, average monthly rents across the GTA rose by more than $400, or 19.3 per cent year over year, and by 3.3 per cent month over month. At the high end for condo rentals, average rents reached $2,667—up by nearly 25 per cent since last July.
While rents in all Toronto postal codes were up, rents in M5V, which includes the Entertainment District, King West and Cityplace, increased by a whopping 43 per cent since last year. Meanwhile, in postal code M4Y, which includes “The Village” and part of the Downtown Yonge area, average rents grew by 24 per cent to $2,674 per month.
“The Greater Toronto Area continues to see unprecedented rent growth, with monthly increases exceeding 3 per cent in May, June, and July,” said Ben Myers, president of Bullpen Research & Consulting. “The average rent in the GTA in July of $2,482 per month has now topped the previous market-high recorded in November 2019 of $2,460. With further interest rate hikes coming, uncertainty in the ownership market, and the high-demand fall rental season upcoming, expect further outsized rent increases over the next few months.”
Rents per square foot
The average monthly rent per-square-foot in July for 24 neighbourhoods in Toronto was $3.73, an increase of 20 per cent year over year.
The most expensive neighbourhood is currently Casa Loma, where average rent per-square-foot in July was $4.40, representing an annual increase of a 43 per cent. Much of this rise can be attributed to the completion of the luxury rental development 2Fifteen, and the inclusion of the newly renovated, high-end rental Two Clarendon.
The most active neighbourhood in terms of listings was Waterfront Communities-The Island, where monthly rent increased to $3.96 per-square-foot in July, up 19 per cent from $3.32 per-square-foot a year ago.
The least expensive neighbourhood tracked was Thorncliffe Park where average rents ifor all property types hovered at $2.04 per-square-foot.
Read the complete report here: https://rentals.ca/national-rent-report
