Average cost to rent a GTA condo rises to $2,206

In the past year the average price to rent a condo in the Greater Toronto Area has risen by $214, making it $2,206. And, that is just in the GTA, if you want in the city proper, you are looking at an average of $2,432.

With the surge in prices, as reported by Urbanation, many potential renters have been looking for lower cost options such as one-bedroom or studio apartments.

“Renters have started to gravitate toward less expensive options in the rental market, as evidenced by an increased share of leases for studio and one-bedroom-without-den units, which averaged rents of $1,640 and $1,907, respectively,” the report said.

Many believe that the 11% increase in rental prices can be attributed to the new mortgage rules locking out potential home buyers, forcing them to rent instead. According to the numbers put out by Toronto’s Real Estate Board earlier this month, GTA home sales have dropped by 39.5% in the past year.  

The upswing of those looking to rent in light of January’s mortgage changes have certainly put a strain on the GTA rental market.

“Renters in the GTA are facing very strong market forces that are pushing hard on demand while new supply remains stubbornly low,” Urbanation's senior vice president Shaun Hildebrand said.

But, while the report from Urbanation's is bad news for renters, there is a silver lining. Based on the company's number crunching, in the present time, it is a much better financial move to rent rather than to own in the GTA.