Here are the highlights from TRREB’s Rental Market Report:
➕ Rented: 14,036 condominium apartment rentals through TRREB’s MLS® System during the third quarter 2020. This was an increase of 30.2% over Q3 2019.
*this is a tremendous amount of activity in the rental market. Also note, these numbers do not account for any rental transactions that may have taken place informally through: private contracts, Facebook market place, Kijiji, Craigslist and others – the actual numbers are higher
➕ Listed: The number of condominium apartments listed for rent at some point during Q3 2020 was up by 113.9% compared to Q3 2019.
➕ Demand for condo rentals was very strong in the third quarter, with a record number of quarterly transactions reported.
➕ However, during the same period, the number of units listed more than doubled compared to last year. Many investor-owners took their units out of the short-term rental market, due to stricter regulations and the COVID-19-related tourism downturn, and made them available in the traditional rental marketplace. The result was more choice and more negotiating power for renters
➕ The average one-bedroom condominium apartment rent was $2,012 down by 11.1% year-over-year
➕ The average two-bedroom condominium apartment rent was $2,672 down by 9.2%
➕ The demand for condo rentals remained very strong in Q3 as the economy experienced a substantial rebound.
➕ However, this demand was overshadowed by the very rapid rise in rental listings.
➕Even if rental transactions remain at or near record levels, it will take some time for the added supply to be absorbed. Once we move into the post-COVID period, population growth from immigration and non-permanent residents will bolster rental demand and absorption
➕ It is important to note that last week, the federal government announced aggressive immigration targets for the next 3 years and are starting to allow immigrants back in 2020 and international students have started to return as well
