Urbanation 2021 Q2 Analysis of Rental Market

The GTA rental market recovery began in earnest during the second quarter, with a surge in leases, reduced vacancy, and an increase in rents as lockdown measures began to ease. Remarkably, downtown Toronto led the growth in rental activity in Q2 as the mass vaccination rollout and gradual reopening of the economy during the second quarter combined with attractive rent discounts to bring renters flooding back into the core.” – Urbanation

 

“At an average of $2,124, condo rents in the GTA were down 9.8% year-over-year in Q2 but increased 4.3% quarter-over-quarter. In the former City of Toronto, average condo rents of $2,147 grew 4.9% from the first quarter, remaining 12.5% lower than a year ago. On a per square foot basis, average GTA condo rents rebounded by 5.2% between Q1 and Q2 (to $3.06 psf), with studio rents jumping by 6.7% quarter-over-quarter to $3.75 psf ($1,532) but still 12.1% lower than a year ago ($4.27 psf; $1,778).“-Urbanation

 

The Full Article can be read here:

https://www.urbanation.ca/news/324-gta-rental-market-recovery-takes-hold-q2

Thanks to Urbanation for their continued excellence in data analysis on the Canadian Housing Markets.

 

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