Rental Market Report Q2 2021


In Q2 2021, the number of condominium apartment rental transactions was more than double that of Q2 2020. In comparison to Q1 2021, the number of rentals increased by 13.3%. On a year-over-year and quarter-over-quarter basis, growth in rental transactions outpaced growth in the number of units advertised.

In Q2 2021, REALTORS® in the Greater Toronto Area (GTA) recorded 14,920 condominium apartment rental transactions through TRREB’s MLS® System, up from 7,300 in Q2 2020 and 13,168 in Q1 2021. The number of condos available for rent in the second quarter was 24,789, up nearly 15% from Q2 2020 but down from the 28,784 units available in Q1 2021.
“It is clear that the demand for rental accommodation has substantially increased compared to last year when there was a temporary pandemic-related lull. Strong rental demand will continue into next year, as immigration into the GTA picks up and we see a resurgence in the student population. With rental market conditions already tightening, and demand set to increase, we expect future increases in average rents. This trend further reinforces TRREB’s continued call for government action to increase supply,” said TRREB President Kevin Crigger.
The average one-bedroom condominium apartment rent in Q2 2021 was $1,887, down 9.4% year over year but up 3.7 percent from Q1 2021. The average two-bedroom rent was $2,583, down 4.8 percent from the previous quarter but up 5.6 percent from Q1 2021.
“Renters continued to benefit from lower average rents compared to last year, which was a contributing factor to increased rental transactions. But, the situation is changing. It is clear that rental market conditions are tightening and will continue to do so as population growth resumes. This will result in declining vacancy rates and an acceleration in rent growth into 2022,” said TRREB Chief Market Analyst Jason Mercer.