Here’s how much the average rental prices were in the GTA in July

Toronto recorded the highest average asking rent in the Greater Toronto Area last month, marking an almost 25% year-over-year increase in rental prices for all property types in the city, according to a new report.

The GTA August Rent Report 2022, by Bullpen Research & Consulting and TorontoRentals.com, says rents in Toronto hit $2,667 per month in July, up from $2,512 in June, and a notable increase from $2,142 $ in July 2021.

Data in the report is based on aggregate listings from TorontoRentals.com for all types of residential properties (single family homes, townhouses, condominiums, rental apartments and basement apartments).

The GTA municipalities included in the report are: Toronto, Mississauga, Vaughan, Etobicoke, North York, York, East York and Scarborough.

Across the GTA, average asking rents for all property types rose nearly 20% year-over-year in July to $2,482, compared to $2,080 in July 2021.

“Average July GTA rent of $2,482 per month has now surpassed the previous market high set in November 2019 of $2,460,” said Ben Myers, president of Bullpen Research & Consulting in a statement accompanying the report. Wednesday. “With further interest rate hikes to come, uncertainty in the property market and strong demand from the upcoming fall rental season, expect further outsized rent increases over the next few months. coming months.”

Rental price table 1

On a month-to-month basis, average rents in the GTA rose 3.3% in July, 3.1% in June and 5.7% in May.

The average asking rental price in the GTA last month by property type was $3,439 for a single-family home (compared to $2,891 in July 2021), $3,214 for a townhouse (compared to $2,892 in July 2021) and $2,694 for a condo (a 25 percent annual increase of $2,163).

Rental rates 2

Meanwhile, four of the five room types included in the report saw double-digit percentage increases in rent from last July.

Average studio rents in the GTA were $1,712 in July, a 14% annual increase, while one-bedroom apartment rents were $2,043, an increase of more than 15% from July 2021 .

Two-bedroom rents averaged $2,708 in the GTA last month (a 19% year-over-year increase), and four-bedroom rents saw a modest year-over-year increase of 3% to 3 $542 in July.

After Toronto, the second most expensive rental market was reported in Mississauga averaging $2,308 in July, down from $1,982 in July 2021.

The cheapest average rent last month was found in Scarborough at $1,963, compared to $1,808 in July 2021.

Of all the GTA municipalities included in the report, Vaughan, which had the third-highest rent last month at $2,292, had the lowest annual rent growth at 2.8% in July.

Rental rates

AVERAGE RENT BY TORONTO POSTAL CODES

The report says the average rent in all Toronto postal codes increased year-over-year in July, but The Beach and the Upper Beaches (postal code M4E) saw the largest annual increase in rent (52 %) to $2,756 last month.

The M5V ZIP code, which includes the Entertainment District, King West and Cityplace, saw the second highest annual rent increase (43%) to $3,203.

Meanwhile, the East York M4B postcode saw no year-over-year rental price change in July at $1,860.

Toronto’s Casa Loma neighborhood recorded the highest average rent per square foot for condos and rental apartments at $4.40 in July, up from $3.07 last July.

Thorncliffe Park recorded the lowest average rent per square foot at $2.04, down from $1.99 in July 2021.

TorontoRentals.com and Bullpen Consulting say they expect rents to continue to rise as “the fall market is the strongest for demand” in a typical year.


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