According to TREB’s (Toronto Real Estate Board) Toronto condo rental stats for the first quarter of 2012, condo rentals rose 11 per cent to 3,804 units leased.
“There have been very few purpose-built rental buildings completed in the GTA over the past few years,” said Richard Silver, Toronto Real Estate Board President. “This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners.”
“Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings,” he added.
Toronto condo listings increased by four per cent, to a total of 7,096 units.
“Tighter rental market conditions played a key role in the strong annual average rent increases,” said Jason Mercer, senior manager of market analysis for the Toronto Real Estate Board. “However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well.”
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