Toronto Condo Rental Market Statistics for Q1 | 2024

The number of condominium apartment lease transactions reported through the Toronto Regional Real Estate Board’s (TRREB) MLS^® System for rental market stats was up strongly year-over-year in the first quarter of 2024. Over the same period, the number of units listed for rent was up by an even greater annual rate. This resulted in more choices for renters and a flatlining average rent prices compared to last year.

Q1 Toronto Condo Rental Market Statistics 2024

The number of condominium apartment rental transactions reported through TRREB’s MLS^® System was up on a year-over-year basis by 19.7 percent in the first quarter of 2024 to 12,541. The number of rental listings was also up over the same period, but by a greater annual rate of 51 percent.

“As the population continues to grow in the Greater Toronto Area (GTA), it is no surprise that the demand for rental units is increasing. At the same time, people looking to rent a condo apartment over the past few quarters are benefitting from increased inventory, which has moderated rental price increases,” said TRREB President Jennifer Pearce.

The average rent in Toronto for a one-bedroom condominium apartment dipped by 1.2 percent to $2,441 in the first quarter of 2024. Over the same period, the average two-bedroom rent in Toronto remained unchanged at $3,139.

“While the inventory of available condo units in Toronto has increased over the past year, the majority of these units will be absorbed as the number of new GTA households continues to grow. Looking forward, the Toronto Real Estate Board (TRREB) expects to see an increasing number of renters making the move into homeownership over the next year, as borrowing costs start to trend lower, thereby narrowing the gap between rent and mortgage payments,” said TRREB Chief Market Analyst Jason Mercer.