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Rental Market Report in 2nd Quarter 2012

Summary of Rental Market in 2nd Quarter:

– 4,771 leased condominium apartments through TorontoMLS in Q2 2012 – up 3% from Q2 2011

– Number of apartments listed for rent grew faster than rental transactions – up 15%

– Average 2-bedroom apartment rent was $2,088 – up 4% in comparison to Q2 2011

According to Ann Hannah, President of TREB:

“Strong condominium apartment completions over the past year resulted in many investor?held units being listed for rent in the second quarter. While prospective renters did benefit from more choice compared to last year, market conditions remained tight enough to prompt annual average rent increases above the rate of inflation.”

“There have not been a lot of rental buildings completed over the past few years. Investor held condominium apartments have filled a void for renters looking for units with modern finishes and amenities located in popular neighbourhoods. With this in mind, it is not surprising that the vacancy rate for condo apartments has been low and average rents have been increasing at a healthy pace.” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Click here for detailed stats.

Full Report Q2-2012

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