The average rent for all home types in the Greater Toronto Area (GTA) continues to trend downwards, after falling nearly 13%, according to a new report from Toronto Rentals.
According to the report, the average rent for all property types listed on TorontoRentals.com, which includes rental apartments, condo apartments, townhouses, and other single-family homes, fell 12.9% year-over-year or 2.4% month-over-month to C$2,131 (£1,240), marking the 10th consecutive monthly decline.
When it comes to bedroom types, studios, one-bedroom, two-bedroom, and three-bedroom units also saw their annual rents fall, with studios declining 7.9% to $1,590 (£925), while one-bedroom and two-bedroom units recorded year-over-year declines of 11.0% and 9.3%, respectively. Three-bedroom units fell by 4.4%, while four-bedroom units actually increased by 4.5% as residents in the Canadian city looked for more space, further away the downtown area.
Toronto Rentals stated that investors that own condo apartments in the GTA that they previously rented out, are now starting to list their units for sale as downtown tenant-demand has plummeted, and the supply of condos listed for sale has “skyrocketed.”