How Toronto’s Rental Market is Kicking Off 2022
Record low vacancy rates since the onset of the pandemic.
1.4 min read
As we make our way through the new year and many are looking to relocate to new homes, jobs, and schools, the rental market is starting to heat up. There has been a consistent rise in demand for rental properties across the GTA, with Real Estate Market Analysis reports showing that vacancy rates are decreasing significantly compared to the previous 2021 quarter.
In 2021, the vacancy rates floated between 5.7% to 6.4%; however, it has dropped down to 2.4% in January. The previous low was in 2019, when the rates were slightly below 1%. As new developments rush to build new affordable properties for future tenants, the difference between Toronto's supply and demand volume creates pressures for an even shorter timeline with developers. However, renters can expect 7,684 new units to be available by the end of 2022 as current projects are wrapping up in the city.
If you're looking to rent a property and are amongst the large group of Torontonians who are struggling to find a new home, Westhaven Property Management can help you find your next rental without the hassle!
References
Dhanji, R. (2022, January 31). Where is Toronto's new condo market headed in 2022? STOREYS. Retrieved February 4, 2022, from https://storeys.com/toronto-new-condo-market-headed-2022/
Kalinowski, T. (2022, January 19). Pandemic reprieve for tenants appears at an end as Toronto-area vacancy rates tighten. thestar.com. Retrieved February 4, 2022, from https://www.thestar.com/news/gta/2022/01/19/pandemic-reprieve-for-tenants-appears-at-an-end-as-toronto-area-vacancy-rates-tighten.html
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