The average list price for a one-bedroom apartment in Toronto rose by more than six per cent in September as prospective tenants continued to face a sustained increase in rents, a new report suggests.
prepared by Rentals.ca and Bullpen Research & Consulting, indicates that the average monthly asking price for a one-bedroom unit in Toronto reached $2,474 in September while the asking price for two-bedroom units hit $3,361.
Two-bedroom apartments are up 27.7 per cent year-over-year but saw a more modest 2.9 per cent month-over-month increase in September. But he said that an increase in demand is also pushing rents higher, even as the housing market undergoes a significant correction. Rent prices in Toronto declined by 11 per cent annually in May 2021 and six per cent annually in May 2020 as many people left the city in search of more space during the COVID-19 pandemic.The latest data released by Rentals.ca and Bullpen Research & Consulting suggests that the average asking price across all rental types in Canada last month was up more than 15 per cent year-over year.The average rent across Ontario was up 18.4 per cent year-over-year to $2,451 per month.
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