Here’s how much average rental prices were across the GTA in July
Published Thursday, August 25, 2022 2:51PM EDT
Last Updated Thursday, August 25, 2022 2:51PM EDT
Toronto recorded the highest average asking rent in the Greater Toronto Area last month, marking a nearly 25 per cent year-over-year increase in rental prices for all property types in the city, according to a new report.
The GTA August Rent Report 2022, conducted by Bullpen Research & Consulting and TorontoRentals.com, says Toronto rents hit $2,667 per month in July, up from $2,512 in June, and a notable increase from $2,142 in July 2021.
The report’s data is based on aggregated TorontoRentals.com listings for all residential property types (single-family homes, townhouses, condominium apartments, rental apartments and basement apartments).
GTA municipalities included in the report are: Toronto, Mississauga, Vaughan, Etobicoke, North York, York, East York and Scarborough.
Across all of the GTA, average asking rents for all property types increased by nearly 20 per cent year-over-year in July to $2,482, compared to $2,080 in July 2021.
“The average rent in the GTA in July of $2,482 per month has now topped the previous market-high recorded in November 2019 of $2,460,” Ben Myers, president of Bullpen Research & Consulting said in a statement accompanying the report on Wednesday. “With further interest rate hikes coming, uncertainty in the ownership market, and the high-demand fall rental season upcoming, expect further outsized rent increases over the next few months.”
Month-over-month, average rents in the GTA rose by 3.3 per cent in July, 3.1 per cent in June, and 5.7 per cent in May.
The average asking rental price in the GTA last month by property type was $3,439 for a single-family home (up from $2,891 in July 2021), $3,214 for a townhouse (compared to $2,892 in July 2021) and $2,694 for a condo (a 25 per cent annual increase from $2,163).
Meanwhile, four out of the five bedroom types included in the report saw double-digit percentage increases in rent when compared to last July.
Average studio rents in the GTA were $1,712 in July, a 14 per cent annual increase, while one-bedroom rents cost $2,043, a more than 15 per cent increase from July 2021.
Two-bedroom rents cost an average of $2,708 in the GTA last month (a 19 per cent year-over-year increase), and four-bedroom rents saw a modest three per cent annual rise at $3,542 in July.
After Toronto, the second most expensive rental market was reported in Mississauga at an average of $2,308 in July, up from $1,982 in July 2021.
The least expensive average rent last month was found in Scarborough at $1,963, compared to $1,808 in July 2021.
Among all the GTA municipalities included in the report, Vaughan, which had the third highest rent last month at $2,292, saw the lowest annual rent growth at 2.8 per cent in July.
AVERAGE RENT BY TORONTO POSTAL CODES
The report says average rent in all Toronto postal codes were up year-over-year in July, but The Beach and the Upper Beaches (postal code M4E) saw the largest annual rise in rent (52 per cent) at $2,756 last month.
Postal code M5V, which includes the Entertainment District, King West and Cityplace, saw the second largest annual increase in rent (43 per cent) to $3,203.
Meanwhile, East York postal code M4B saw no annual change in rental prices in July at $1,860.
Toronto’s Casa Loma neighbourhood recorded the highest average rent per square-foot for condo and rental apartments at $4.40 in July, up from $3.07 last July.
Thorncliffe Park saw the lowest average rent per square-foot at $2.04, compared to $1.99 in July 2021.
TorontoRentals.com and Bullpen Consulting say they expect rents to continue rising as “the fall market is the strongest for demand” during a typical year.