New data from Urbanation shows that rents in the GTA have risen by their fastest pace on record as we recover from the pandemic. realestatenews rent
and to some semblance of “business as usual” inevitably played a role. Tellingly, small units lead the market growth.For the fifth consecutive quarter, rental demand outstripped growth in supply, according to the data, causing market conditions to tighten significantly.
As the GTA rental market fully recovered from the effects of COVID-19 and rents reached new highs, the smallest and least expensive unit types experienced the strongest growth rates. After seeing rents fall the most during the first year of the pandemic as renters moved out of small spaces in the core, with rents down by as much as 24% for studios as of Q1-2021, studio and one-bedroom units recorded annual rent growth rates of 25% and 19%, respectively in Q2-2022.
As of Q2-2022, less than one-quarter of new purpose-built rental projects completed in the GTA since 2005 were offering incentives to new renters — something that increased in popularity at the height of the pandemic. This figure represented a sharp decline from the 45% share offering incentives during the previous quarter in Q1-2022 and a high of 88% seen one year ago in Q2- 2021.
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