Rising Demand and Expanding Options in the GTA Condo Rental Market
Strong population growth across the Greater Toronto Area (GTA) continues to drive significant year-over-year increases in condo rental activity, as tracked through TRREB’s MLS® System for the third quarter of 2024. During this period, rental listings for condo apartments grew at a faster rate than rental transactions, offering more options for renters and resulting in a decline in average rental prices.
“Newcomers to the GTA often begin their journey by renting, and with immigration at record levels, it’s no surprise to see the number of rental transactions climbing,” noted TRREB President Jennifer Pearce. “However, with the recent surge in rental supply, tenants are now in a better position to negotiate, which has contributed to a more affordable rental landscape.”
In Q3 2024, TRREB’s MLS® System recorded 18,540 condo apartment rentals, marking a 29.2% increase compared to the same quarter in 2023. Condo rental listings also rose significantly, up by 46.6% year-over-year.
This increase in supply has impacted rental prices. The average rent for a one-bedroom condo apartment fell to $2,499 in Q3 2024, a 5% decline compared to the previous year. Meanwhile, two-bedroom units saw a 5.6% drop, with average rents at $3,216.
“A more balanced rental market in the GTA has clearly boosted affordability over the past year,” said Jason Mercer, TRREB Chief Market Analyst. “As interest rates have gradually eased and are expected to drop further, some renters may consider transitioning into homeownership. This shift could potentially boost rental inventory even more in the near future.”
Ready to Make Your Move?
Whether you're looking to rent or transition into homeownership, staying informed about the GTA real estate market is key. Contact us today for a free market analysis and personalized recommendations to make the best decision for your future.
You can reach us by calling or texting at 647-948-7876, or schedule a call through email at info@evolvedrealty.ca.