Renting A Toronto Condo Is Now Hundreds Of Dollars Cheaper Than This Time Last Year
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.