The rental market is headed ‘in the wrong direction’ as vacancy tightens while rental construction stalls, says Urbanation’s president.
Rents are climbing in the Toronto area at their fastest rate in more than a decade as vacancies plummet, according to a new report released Tuesday that also warned of a worrisome drop in rental construction.
“The rent growth itself was exceptional,” Hildebrand told the Star, pointing to factors from lower unemployment rates to population growth. Another major factor, he argued, was the number of households squeezed out of ownership by prices and rising mortgage costs. Smaller units are seeing the most dramatic price hikes. While studio condo costs dropped significantly during the pandemic, Urbanation found they’ve risen 25 per cent year-over-year. The average cost to rent one in the second quarter of 2022 was $1,895, the firm found.
However, one-plus-den units are 6.4 per cent more expensive than they were three years ago, while two-plus-den units are up 9.4 per cent. It’s a trend Urbanation believes is connected to renters seeking extra space during the pandemic, as many people worked from home.Over the last year, there’s been an average of 1,916 rental construction starts per quarter, its report says. From April to June, there were just 87.
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