Leasing in Toronto continues to become a bit more inexpensive, as average rent costs for both one and two bed rooms decreased in May, according to a brand-new nationwide rental report.
Produced by Rentals.ca and Bullpen Research & Consulting, rental prices for a one-bedroom apartment or condo or condominium in Toronto dropped 1.1% to hit approximately $2,103, while lease for a two-bedroom apartment or condominium fell 0.7% to $2,675. On an annual basis, one-bedrooms in Toronto declined 6.1%, while rent for two-bedrooms is down 4.1% year-over-year.
This marks the 3rd month in a row that Toronto rents have actually declined, a turn-around from lots of months of increases, according to the listings data on Rentals.ca.
READ: Average Rental Rate for all Property Types in Toronto Fell 5% in April: Report
According to the report, the COVID pandemic continues to put downward pressure on the rental market nationally, with rent down 7.2% from its September 2019 peak of $1,954 per month. Whats more, on a nationwide level, the typical rent for all homes struck $1,814 in May, down 1.4% from April and down 5.4% year-over-year.
Ben Myers, president of Bullpen Research and Consulting, has stated a “sharp drop” in need has actually led to property owners dropping their asking rents in a lot of major markets across the country.
Matt Danison, CEO of Rentals.ca, stated there was a “substantial” boost in website traffic on Rentals.ca in May, indicating that “potential tenants are doing their research to get ready for a move in the future,” recommending that proprietors might start to increases rates now that the need is back.
Toronto led all 34 cities on the list for average monthly rent in May, while nine locations of the Greater Toronto Area rounded out the leading 10 for the most costly lease for a one-bedroom house in Canada. And despite the fact that Toronto still ranks as the most pricey city to lease in the nation, well take all of the rate declines– no matter how little– that we can get.
A much deeper look at Torontos rental market displays in the Entertainment District, Cityplace, and King West, typical monthly rents are down $118 to $2,630 in January to May year-over-year.
Whats more, its currently cheaper to lease apartment or condos and condo apartment or condos in downtown Toronto, as typical regular monthly lease has actually dropped $449 to $2,580 in the first five months of this year versus $3,029 in January through May 2019.
Outside of downtown, costs are likewise decreasing, with Etobicoke rental rates on the listing sites dipping just 0.2 % to $1,984 for one-bedrooms but a complete 4.9% t0 $2,350 for two-bedrooms, while rent for one-bedrooms in North York dropped 1.7% to $1,928 and 3.2% for two-bedrooms to $2,299.
In Richmond Hill, prices were actually up (1.2%) in May for one-bedrooms, averaging at $2,003 over April and a 12.5% boost year-over-year.
You can see how the 0ther cities performed below:
The National Rent Report charts and analyzes monthly, yearly and quarterly rates and trends in the rental market on a national, provincial, and local level across all listings on Rentals.ca for Canada. This months report charts rents for 34 cities across Canada.
The post Rent for 1 and 2-Bedrooms in Toronto Declines for 3rd Month in a Row appeared initially on Toronto Storeys.