The Toronto Regional Real Estate Board has recently indicated the availability of condo units in the market has increased 114%, since the vast majority of investors have pulled these from short-term platforms such as Airbnb and moved them into the long-term rental market.
For this reason rental prices have fallen, no matter the size of the units.
Board President Lisa Patel, indicated the increase in the number of condo units has also given the renters the chance to negotiate the price.
Despite the 30% year over year increase in the number of units rented, the 14,039 new leases signed weren’t enough to keep up with the 34,971 units that are available in the market.
In this respect, one-bedroom units are the most popular option in the market. The current price sits at $2,012 which represents an 11% drop in the price compared to the same period of time in 2019.
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