Condo investors in the Greater Toronto Area are seeing strong gains in rents according to a new report.<\/p>\n
Urbanation says that average monthly rents for condo leases signed in Q2-2018 grew by 11.2% year-over-year to $2,302 based on an average unit size rented of 732 sf.<\/p>\n
It was also the first time that per square foot rents have surpassed $3.00, reaching $3.14 psf, an 8.7% annual rise.<\/p>\n
However, leasing activity was at its lowest 12-month rate in three years with an exceptionally tight market meaning a total of 25,955 units leased through the MLS.<\/p>\n
The share of condos that changed hands in the rental market was at a five-year low of 7.8% of the entire stock of GTA condos.<\/p>\n
Construction rise<\/strong> During Q2-2018, new applications totaling 5,920 units were proposed for purpose-built rental development, nearly 3.5 times greater than the number of new units proposed a year ago during Q2-2017.<\/p>\n","protected":false},"excerpt":{"rendered":" Condo investors in the Greater Toronto Area are seeing strong gains in rents according to a new report. Urbanation says that average monthly rents for condo leases signed in Q2-2018 grew by 11.2% year-over-year to $2,302 based on an average unit size rented of 732 sf. It was also the first time that per square […]<\/p>\n","protected":false},"author":3,"featured_media":27919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10106"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=10106"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10106\/revisions"}],"predecessor-version":[{"id":25845,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10106\/revisions\/25845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/27919"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=10106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=10106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=10106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNew purpose-built rental construction surged in Q2, with 2,635 starts recorded during the quarter, raising the total inventory under construction to 11,073 units \u2014 the highest in at least 30 years.<\/p>\n