As Toronto Condo Rentals Increased, Rental Costs Held Steady
Earlier this week, Urbanation Inc., Toronto's leading source on the condominium market, revealed its 2014 fourth quarter and annual condo rental market results. The number of units rented had increased by 15 per cent over the past year, which is good news considering the growing supply of new condo developments in the city.
This number was derived from the 22,765 condos that were rented through the MLS website and doesn't include the countless rentals that occurred through websites like Craigslist.
While condo rental numbers are at an all-time high, rental prices held steady in 2014, as the average cost to rent only went up by around 1 per cent. This is a big change from the 4.1 per cent increase recorded in 2013. The steady cost is largely due to the decline in unit sizes, with the average unit size falling by 12 sq ft over the past year. The current average size of rented condos sits at 761 sq ft, according to Urbanation.
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