Toronto Real Estate Board tracked rental housing for the period of May-to-August 2010, and members reported 6,712 leased condominium apartments and townhomes, up 18 per cent from 5,673 transactions recorded during the same time-period last year.
The average rent also climbed in all apartment categories, with the benchmark two-bedroom apartment rent averaging $1,937 across all TREB districts, which is a three per cent increase from the average of $1,873 recorded in 2009.
Some differences emerged between the four regions, west, central, east and north. Average annual rent growth in the west, east and north districts was above the rate of inflation for most unit types.
But in the central districts the average annual rate of rent growth was below the rate of inflation for one bedroom and two-bedroom unit types. The number of rental listings in the central districts increased strongly year-over-year. The TREB attributes having more properties to choose from as causing subdued rent growth in those areas.
A jump in rental listings within the central districts was driven by strong condominium apartment completions over the better part of the last year. Many newly completed units are held by investors who have chosen to rent their units.
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