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Average rents across all units in Toronto have gone up by nearly 27 per cent compared to last year, according to a new rent report.
The latest from Urbanation – a real estate research firm – and Rentals.ca reveals average rent prices across all units cost $2,820 per month, hovering around that price point month over month in October.
Average studio rents in the GTA were $1,712 in July, a 14 per cent annual increase, while one-bedroom rents cost $2,043, a more than 15 per cent increase from July 2021.
Two-bedroom rents cost an average of $2,708 in the GTA last month (a 19 per cent year-over-year increase), and four-bedroom rents saw a modest three per cent annual rise at $3,542 in July.
Overall, the average rent in central Toronto rose 24 per cent year-over-year in July.
For a one-bedroom unit, rent sat at $2,257 in July, marking a 21.6 per cent year-over-year increase in Toronto.
For a two-bedroom apartment, that increase climbed 25 per cent to $3,259.
The month-over-month average rent in the city saw a four per cent increase for a one-bedroom and 7.8 per cent for a two-bedroom.
“People in Ontario are smack in the middle of a housing crisis, and Doug Ford’s insistence on allowing landlords to hike the rent unchecked between tenants is a major contributor to driving up market rental prices,” she said in a statement on Tuesday.
If the Tenant consents to the order, the Tenant's rent increase above the guideline will be reduced from 5.63% to 3.2%.
