The Toronto Regional Real Estate Board (TRREB) has released its rental market statistics for the second quarter of 2024, highlighting significant trends in the condominium apartment rental sector compared to the same period in 2023. The data showed an increase in both rental activity and the number of listings, reflecting a dynamic rental market influenced by various factors.
Rental Demand
In Q2 2024, there were 17,400 condominium apartment rentals reported through TRREB’s Multiple Listing Service (MLS®), representing a 25.2% increase from 13,896 rentals in Q2 2023. This surge in rental activity is indicative of strong demand in the rental market, driven primarily by strong population growth in the Greater Toronto Area. However, the increase in demand is coupled with a 51.3% rise in condo rental listings during the same period. The TTREB expects the demand for rental housing to remain strong for the “foreseeable future”.
Rental Price Trends
Average rents have experienced a decline. For example, the average rent for a one-bedroom condominium apartment in Q2 2024 was $2,452, down 3.1% from $2,529 in Q2 2023, while the average rent for a two-bedroom condo decreased by 1.9%, falling from $3,239 in Q2 2023 to $3,178 in Q2 2024. These reductions in average rental prices reflect the balance between sustained demand and increased rental inventory, allowing renters to negotiate more favourable terms.
The TTREB notes that while the current inventory expansion has led to lower average rents, this may be temporary if the construction and supply of new rental units do not keep pace with demand.
More details can be found on the TTREB’s website.
