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This page shows you prices and trends for Rental Properties and the rental market conditions in Mississauga, Toronto and surrounding areas from TREB (Toronto Real Estate Board)

Rental market is not updated as frequently as the resale's sales data, but it's still great information for potential investors or if you are thinking of renting out your property.

Latest News on September 19, 2011 about the GTA Rental Markplace

GTA REALTORS® RELEASE RENTAL MARKET FIGURES

Toronto, September 19, 2011 — Greater Toronto REALTORS® reported 6,933 apartment lease transactions through the TorontoMLS® system in the May through August 2011 period. This represented an 11 per cent increase compared to the same period in 2010.

The number of units listed during the period was also up, but by a lesser rate of four per cent compared to 2010.

“Condominium apartments represent a very important component of the rental housing stock in the GTA. We have seen very little purpose-built rental apartment construction over the past few years. This means that people looking to rent an apartment with modern finishings and amenities have by and large turned to investor-held condominium apartments to meet their housing needs,” said Toronto Real Estate Board President Richard Silver.

Average condominium apartment rents increased for all bedroom types. Average rents for one-bedroom and two-bedroom apartments during the May through August period were up by four and five per cent respectively compared to 2010.

“Growth in apartment rental transactions outstripped growth in the number of units listed. This means that competition between prospective renters increased. The result was higher average rents in comparison to last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

2012 Maximum allowable rental increase

For the first 4 months of 2011 Rental Transactions Up 18 Per Cent

For the January to April 2011 period, TREB Members reported 5,079 lease transactions for condominium apartments and townhomes.This result was up 18 per cent from 4,319 lease transactions reported during the same time-period in 2010.

The number of rental units listed on the TorontoMLS® rose 10 per cent to 9,374 units.The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.

With the number of transactions rising at a greater rate than the number of units available for rent, rental market conditions tightened. Average rental rates were up in comparison to last year. One-bedroom apartments rented for an average of $1,485 per month, up 1.5 per cent year-over-year. Two-bedroom apartment units rented for an average of $1,958 per month – up 2.5 per cent compared to the first four months of 2010.

West Area
• In TREB’s West districts, 974 condominium apartments were rented during the first four months of 2011. Of these, 416 were one-bedroom units, which rented for an average of $1,351 per month – up 3.9 per cent over last year.

There were 518 two-bedroom apartment rentals, which leased for an average of $1,648 per month – up 0.4 per cent compared to 2010.

• TREB’s West districts accounted for the largest share of townhouse rentals during the reporting period, with 144 transactions in total. Of these, 102 were three bedroom units, which rented for an average of $1,693 per month – up 7.2 per cent from last year.

Below is a Graph showing TREB Historical Average Price Data

Read the entire rental report here

More information for rental properties

In this Issue of my Real Estate Sales newsletter

Archived issues of my TREB Market Watch reports

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