How Much Does It Cost To Rent A Condo In Toronto? Helpful Info
As an experienced, local Toronto realtor, Many rental clients often ask me how much does it cost to rent a condo in Toronto. According to recent stats, the average rent per month for a one bedroom condo in Toronto has reached $2,300 per month and is continuing to climb even higher.
So how much does it cost to rent a condo in Toronto for a two bedroom unit? The average rental price for a two bedroom Toronto condo is now more than $3,000 per month and also rising. The average monthly rent in the Greater Toronto Area rose a total of 16.5 percent from May 2021 to May 2022. Recent prices for condo rentals in Toronto units have seen their biggest monthly hike in more than 3 years. The month of May, 2022 saw a 5.7 percent increase in rent.
How Much Does It Cost To Rent A Condo In Toronto: The Top 4 Reasons For Price Hikes:
- Rental prices are returning back to their pre-pandemic norms
- There is a reduced supply of rental housing across Toronto which is a concern for many people looking to rent affordable housing
- There’s an overall increase in demand of condo and apartment rentals
- There’s an Influx of new immigrants in the GTA increasing the population in need of housing
Still wondering how much does it cost to rent a condo in Toronto? Discover what’s happening in the Toronto condo rental market now and get the help you need.