This chart plots the average rental price by unit type with the previous year's second quarter for comparison
What's the rental market in Toronto like this summer?
We are now in the peak season for rentals. The studio unit now averages $1400 per month
and around University of Toronto, the number approaches $1500. The biggest market is for
one bedroom units. The entry point remains at $1600 without parking. The most popular unit
is the one plus den with parking at $1900 per month. More and more renters are trying to
convert the den into a second bedroom to reduce costs.
The two bedroom market continues to be most in demand. The entry level without parking
is now $2300 per month. The most popular unit, with parking but no den, averages almost $2500.
Adding a den will push the average price to almost $2800 per month. The three bedroom market is
growing and 22 units were leased in this segment at an average price of $3900. What potential
tenants need to know: days on market for rentals are averaging less than 20 days for all types,
the best ones rent within two days; and the list to rent price is 99-100%!
In June almost 1300 units were leased in the downtown market which is almost double the
number of resale transactions. Ten years ago the markets were reversed with sales dominating.
As we have said before, the downtown market is becoming more and more like the Manhattan
market where rentals dominate.