The average monthly rents in the GTA jumped more than $400, or 19.3%, year over year for all property types in July.
The Bullpen Research and Consulting and TorontoRentals.com Toronto GTA Rent Report says average rent rose to $2,482 from $2,080 in July 2021.
Month over month, average rents were up 3.3% in the GTA in July following June’s monthly increase of 3.1% and May’s increase of 5.7%.
“The Greater Toronto Area continues to see unprecedented rent growth, with monthly increases exceeding 3% in May, June and July,” said Ben Myers, president of Bullpen Research and Consulting.
“The average rent in the GTA in July of $2,482 per month has now topped the previous market-high recorded in November 2019 of $2,460. With further interest rate hikes coming, uncertainty in the ownership market, and the high-demand fall rental season upcoming, expect further outsized rent increases over the next few months.”
Toronto had the highest average condo rents at $2,667 per month in July, up by 25% year over year.
Condo and apartments in Mississauga had the second-most expensive rents in July at $2,308, up 16.4% over July 2021.
Vaughan came in next, with average rents in July at $2,292 or up 2.8%.
The average rent in Etobicoke was up 10.6% in July costing $2,282.
North York saw rents go up annually by 17.3% in July to $2,236.
In July, the average rent in York was $2,180 in July, an increase of 18.5%
In East York average rents were up 13.2% for condo rentals and apartments to $1,978.
In Scarborough average rents rose 8.6% year over year in July to $1,963.