2022 Toronto Rental Market Growth
1.5 min read
As we approach the midway mark of 2022, it has become evident that the rental market in Toronto has grown exponentially compared to the market during 2020 and 2021. New reports from TRREB (Toronto Real Estate Board) have been released, highlighting the new average cost of living in Toronto for the first quarter of 2022.
Below are some key findings from the data:
One Bedroom: $2,145 average rental cost
17.8% increase from 2021
The pre-covid average was $2,262
Two Bedroom: $2,867 average rental cost
17.2% increase from 2021
The pre-covid average was $2,941
Various factors contribute to the rise in Toronto’s rental prices. TRREB’S Chief Market Analyst Jason Mercer stated, “Demand for rental accommodation is expected to remain strong this year, and beyond, as job growth continues, immigration and non-permanent migration continues to support housing demand, and higher borrowing costs see some young people put their decision to purchase a home on hold.”
Vacancy rates so far this year are only sitting at 1.9%. This indicates that there is low supply in the market, which is considered a shock considering rising rental prices that continue to increase month over month.
Reference
Fox, C. (2022, April 21). The average cost to rent a condo in Toronto in 2022 revealed. Toronto. Retrieved May 5, 2022, from https://toronto.ctvnews.ca/the-average-cost-to-rent-a-condo-in-toronto-in-2022-revealed-1.5870207
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