City living ain't cheap!
Rent is due, and it's slowly rising in the GTA. City dwellers will have to fork out more cash for their rental properties in 2022, according to a recent report by TorontoRentals and Bullpen Research & Consulting forecasting.
The report says the average rent for all property types in June 2021 was $2,017 per month, $200 less than what it was last June in 2020. However, since March 2021, rent has slowly begun to increase leading to a 0.9% month-over-month increase in June 2021.
Rent started to decrease in November 2019 and "bottomed out" in the GTA in March 2021, and after bouts of lower than normal rent in the GTA, rent prices are slowly trending upwards once again.
"Average rental rates are on the rise again in the GTA as vaccinations increase, case counts diminish and the region opens up," reads the report. "Further rent growth is expected through the fall, with Bullpen Research & Consulting forecasting GTA rent growth in the double-digits in 2022."
Here are the Downtown Toronto neighbourhoods with the cheapest average rent:
- Cabbagetown-South St. James town, $1,700
- South Parkdale, $1,780
- Wychwood, $1,806
- North St. James Town, $1,850
- Church-Yonge Corridor, $1,912
- Moss Park, $1,963
- Wallace Emerson, $1,986
- Dovercourt Park $2,061
- Palmerston-Little Italy, $2,065
- Roncesvalles, $2,071
- Corso Italia- Davenport, $2,078
- Little Portugal, $2,091
- Kensington-Chinatown, $2,103
- The Annex, $2,155
- Waterfront Communities- The Island, $2,166
- Niagara, $2,281
- Dufferin Grove, $2,322
- Bay Street Corridor, $2,376
- Trinity Bellwoods, $2,407
- University, $2,427