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Toronto & GTA Rental Price Statistics, Rental Rates Increase, Mississauga and North York Hot Spots

Rental Rates in TorontoRental Transactions and Rates Increase in the GTA.   Total units rented in the 416 and 905 area are up 12 percent in the first half of 2008 over 2007 figures. 

 

The most active districts for rentals within the GTA for condo / apartment rentals remained in the downtown core (C01 which had 1,130 rental transactions!)  Wow that's just what the Toronto Real Estate Board reported, not including privately rented units.   North York (C14 reported 500 Rentals)  Cooksville in Mississauga (W15 which includes the hot area of Square One) reported 402.  Inventory has increased with the newly finished units at Absolute, investors are placing brand new suites on the market.   The Absolute buildings offer 1, 1 plus den and 2 bedroom suites ranging from an average of $1350 and upward.  Prospective tenants are attracted to the "never lived in" suites and we are getting a rush of enquiries.  Inventory is changing daily and there is still a good supply of condos around Square One, including Duke of York and Living Arts Condominiums.   So we expect Mississauga transactions and rental rates to continue to climb.

Short term rentals:

We also noticed an increase in consumers requesting 6 to 8 month rental leases.   When you are paying $1400 per month or more in rent the decision to buy makes sense, however, in this climate not everyone is ready and are putting off home ownership for the spring.   Unfortunately finding short term rentals is more difficult, traditionally Landlords charge a premium for the wear and tear of people moving in and out in such a short time.   To complete a lease agreement, make arrangements for cleaning, credit checks & reference checks takes time and money.  So its a ongoing debate whether its worth paying the extra for inflated rental rates for short term leases or start shopping to buy a new condo.

The latest Rental Statistics published August 31st by the Toronto Real Estate Board:

 

Toronto Rental Lease Rates PricesBachelor apartments increased from $1,167 to $1,216, a 4% increase from the middle portion of 2007.

Three bedroom townhouses saw an increase from $1,661 to $1,780 per month, a 7% increase.

Central Toronto - Transactions up 9%:

Over 2,430 total units rented, 1,397 were one bedroom units averaging $1,568 per month, 865 were 2 bedrooms rented for $2,155 per month.    Most townhouse rentals in Central were for 3 bedroom units renting for an average of $2,664 per month.   

Tips for Tenants looking for a Townhouse or Condominium Rental:

When calling rental ads ask about utilities upfront.   Townhomes traditionally do not include utilities, so the average tenant can expect an additional overhead to their basic rent.  New condominum buildings now offer separate meters for each suite and not all utilities are covered in the owners maintenance fee.   Tenants are sometimes required to place the utility bill in their name and pay separately, this is in addition to the base monthly rent.  Frankly, its getting a bit more expensive for tenants these days in more ways than one.   Keep in mind Landlords commonly pay the property taxes, maintenance fees and building insurance so when looking at new condominiums check whether utilities are included in the rent to avoid last minute disappointment.

East Toronto Rental Transactions down 6% from the same period last year.

One bedroom units in the East rented for an average of $1,206 amonth, down one percent.  Two Bedroom units rented for $1,503 per month, up two percent.  Two Bedroom townhouse rentals averaged $1,508 per month, up 8%.

North Toronto Area Rental Transactions up an incredible 21%

Two bedroom units were the most popular with a rental average of $1,692 per month.  One Bedroom units rented for an average of $1,344 per month, 3 Bedrooms averaged $1,965.   Three bedroom townhouses rented for an average of $1,755, up 2%

 

West Area - covering High Park, Etobicoke, Mississauga, Brampton - Transactions up 27%

The Western districts continue to be the most active for rentals outside of the downtown core, transacations were up 27%.  The average 3 bedroom units went for $1,607 per month, up 4%.   One bedroom condo units rented for an average of $1,352 and two bedrooms for $1,607.

 

Mississauga RentalsExpanded Rental Department offering a Free Service: 

 

Due to the high demand for rental units, we have recently expanded our rental department.   We are dedicated to helping consumers find a rental in the GTA.    We prepare Offer to Leases, acquire credit checks and assist with preparation of the rental applications for our clients.   We offer a wide selection of condominiums, townhouses and detached executive homes and estates for rent in both the 905 and 416 districts.  

 

This service is completely free to our tenantsThe properties are individual investor owned homes and in some cases if the tenant is happy in the location they can approach the landlords to possibly purchase the property.  Its a good opportunity to live in a condominium community before buying. 

 

 

Visit us at www.SuttonRealty.com or call 905-896-3333, 416-896-3333.   Our friendly staff will assist in answering your questions and can provide a list of properties in your desired location.

We do Rentals!   Investors looking for assistance in renting their properties are invited to call.   We also hope the statistics we provide are helpful in giving guidelines for high demand areas of Toronto

Toronto Real Estate Board Boundry District Map

Posted: Friday, November 14, 2008 12:47 AM by Sutton Realty

Comments

Toronto & GTA Real Estate Blog said:

November 19, 2008 -- Greater Toronto REALTORS® recorded 1,991 resale transactions during the first

# November 20, 2008 12:38 AM

property Turkey said:

you are very well informative blog

# April 22, 2009 11:47 PM
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