Demand for rentals in the Greater Toronto Area continues to grow post pandemic, with the latest data showing average rents for all property types rose 12% year over year in April to $2,204 from $1,974 in 2021, and up 1% from March.

That’s the eighth consecutive month of increases, according to Bullpen Research & Consulting and TorontoRentals.com.

It’s a sharp turnaround from the COVID-induced declines seen throughout most of 2020 and the start of 2021; however, the report notes, rent growth is expected to calm from the sizzling growth rate experienced in the second half of 2021. 

“Overall, the GTA rental market has flattened out this year, however, the downtown condo rental market is hotter than any period since the fall of 2019,” said Ben Myers, President of Bullpen Research & Consulting. “GTA condo rents are up 21 per cent annually, with select projects in Toronto’s core up by over 30 per cent from April of last year.” 

Condo Rentals Still Sizzle in the Core

Indeed, condos rental types located in Toronto’s downtown core are leading the resurgence; the city had the highest annual increase of 24%, with an average unit renting for $2,583 (working out to $3.78 psf). Demand also remained hot for Mississauga-area units, which also rose 24% year over year to an average of $2,632 ($3.05 psf), as well as in Etobicoke, up 20% to an average of $2,514 (3.44 psf). Scarborough condo rents saw the lowest rate of growth for the segment in the GTA, though still up a robust 15% to $2,253 (2.75 psf).

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