Renting a condo in Toronto, maybe no easier than try to buy one.
Urban-Nation released it’sthird quarter results on Friday, and says condo rents jumped nearly 9%, while supply fell to a 5 year low.
Inventory in condo apartments declined by 9% compared to last year’s 7651 units available, while there was a 13% drop in listings.
The study shows the average condo rental spent only 12 days on the market.
Average monthly rents hit the $2000 level in the city based on the average sized unit, which is 717 square feet.
Urbanation’s survey of purpose-built rental apartment projects revealed a vacancy rate of just 0.6%, unchanged from a year earlier.
Urbanation Inc. has provided information and analysis on the Toronto condominium market since 1981.