Greater Toronto Area Rental Market Report in Q4 2018, Steve Moran, Remax
Rental market conditions remained very tight in the fourth quarter of 2018 putting renters under greater pressure.
The average rent for one-bedroom condominiums in the Greater Toronto Area surged 8.8 per cent annually to $2,143 in Q4 2018. The average two-bedroom condominium was up by 5.5 per cent over the same period to $2,774.
The Greater Toronto Area has seen significant growth in its economy throughout 2018. It has become a primary destination for companies in various industries who are attracting younger talent who have a desire to live in the region. This desirability has contributed to the continuation of historically low vacancy rates, strong competition for renters for available units and, as a result, very strong growth in average rents.
Moving forward, it is conceivable that recently introduced rent controls could prompt some investors to consider selling their condos and investing the proceeds in another asset class. Obviously, this scenario could compound an already problematic rental supply issue in the Greater Toronto Area.