In the first four months of 2009, TREB members reported 3,945 leased condominium apartments, representing a 38% increase over the 2,854 units leased during the same period in 2008. Almost 93 per cent of all residential rental transactions on the MLS® involved condominium apartments.
With the exception of three-bedroom units, average condominium apartment rents declined. The average rent for the benchmark two-bedroom apartment fell two per cent from $1,852 to $1,813.
While the number of rental condominium apartment transactions increased by almost 40 per cent, the number of listings increased by over 60 per cent. Renters experienced more choice and thus more negotiating power with regard to rents.
Much of the increase in rental listings can be attributed to a strong increase in the number of condominium apartment completions at the end of 2008. According to the Canada Mortgage and Housing Corporation, fourth quarter 2008 condominium apartment completions increased by 96 per cent year-over-year in the GTA. Most of these completions took place in TREB’s central districts. Many completed apartment buildings registered as condominium corporations in the first four months of 2009, resulting in an increased number of investor-held units entering the rental market. Click for whole story.