Renting A Toronto Condo Is Now Hundreds Of Dollars Cheaper Than This Time Last Year
Prices are plummeting at jaw-dropping speed.
The unprecedented events that have occurred this year have changed the cost of renting in the GTA.
According to a new report by Rentals.ca, average condo rent has dropped 16% between August 2019 and October 2020.
Tenants looking to rent a condo in the GTA right now could pay hundreds of dollars less than they would have paid this time last year.
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On average, a tenant looking to lease a condo paid $400 less in October 2020 versus October 2019.
Rentals.ca
Prices are dropping more significantly in certain areas than in others, according to the report.
Year-over-year rents have declined by 20% in East York, 17% in Old Toronto, 15% in Etobicoke, and 13% in Mississauga.
Prices in suburban cities like Oshawa, Ajax, and Richmond Hill have dropped less than 4% in the same timeframe.
On the flip side, cities outside of the GTA like Hamilton and Kitchener have actually seen their prices increase.
"[Rent in] Hamilton is way up, St. Catharines is way up. London has been increasing quite a bit too," Paul Danison of Rentals.ca said to Narcity in October.
Danison speculates that this is a result of remote workers and students flocking to smaller cities in search of more space for lower costs.