TORONTO, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 10,800 condominium apartment rentals through TREB’s MLS® System in the third quarter of 2019. This result was up by 17.3 per cent compared to the third quarter of 2018.

The number of condominium apartments listed for rent at some point during Q3 2019 was up by 30.1 per cent compared to Q3 2018.

“The fact that rental condominium apartment listings grew at a faster year-over-year pace compared to rental transactions suggests that the rental market has become better-supplied over the past year. Steady condominium apartment completions coupled with strong average rent growth have prompted many investor-owners to list their units for rent. If growth in rental listings continues to outstrip growth in rental transactions for a sustained period, we could see a more balanced market in the future,” said TREB President Michael Collins.

Average condominium apartment rents were up on a year-over-year basis across all unit types. The average one-bedroom condominium apartment rent was $2,262 in Q3 2019 – up 4.5 per cent compared to Q3 2018. The average two-bedroom condominium apartment rent was up by 4.2 per cent over the same period to $2,941.

“Rental market conditions remained very tight in the GTA in the third quarter, as evidenced by average annual rent increases double the rate of inflation. With this being said, however, the pace of average rent growth has slowed noticeably over the past twelve months as we have seen an acceleration in listings. This suggests that renters are benefitting from more choice in the marketplace,” said Jason Mercer, TREB’s Chief Market Analyst.

Rental Market Summary: Q3 2019       
 All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
 ListedLeased LeasedAvg. Rent LeasedAvg. Rent LeasedAvg. Rent LeasedAvg. Rent
Q3 201916,40710,800 480$1,903 6,332$2,262 3,736$2,941 252$3,749
Q3 201812,6089,205 386$1,854 5,338$2,163 3,286$2,822 195$3,304
Yr./Yr. % Chg.30.1%17.3% 24.4%2.7% 18.6%4.5% 13.7%4.2% 29.2%13.5%
 All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
 ListedLeased LeasedAvg. Rent LeasedAvg. Rent LeasedAvg. Rent LeasedAvg. Rent
Q3 20191,260813 1$1,650 68$2,052 336$2,554 408$2,842
Q3 20181,003691 1$1,025 62$1,858 246$2,316 382$2,585
Yr./Yr. % Chg.25.6%17.7% 0.0%61.0% 9.7%10.5% 36.6%10.3% 6.8%10.0%

Media Inquiries:
Mary Gallagher, Senior Manager, Public Affairs
(416) 443-8158

TREB is Canada’s largest real estate board. Over 54, 500 residential and commercial TREB Members serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.