Average rent price for GTA decreases for 10th consecutive month
Published October 27, 2020 at 10:52 pm
For the tenth consecutive month, the average price of rent for the GTA has decreased compared to 2019.
According to the latest data from TorontoRentals.com and Bullpen Research & Consulting Toronto, the average rental price for the GTA was $2,131 in September 2020—a 10 per cent decrease year-over-year.
One-bedroom units are down 11 per cent, while two-bedroom units are down nine per cent.
Additionally, the average rent landlords in the GTA were asking for condos was $2,199 for September 2020, compared to $2,571 in 2019—a decrease of 14.5 per cent.
Further, according to the data, the dropping prices is attributed to urban residents seeking more space at a lower price in outlying areas to more comfortably accommodate working from home.
“Many younger tenants in the GTA are leaving the region, even if it is only temporarily, to take advantage of much less expensive rent prices in other cities in Ontario,” Ben Myers, president of Bullpen Research & Consulting, said in a news release.