Welp, bad news, Torontonians. The cost of renting in the city just reached an all new high. If you thought scoring an affordable pad in the city was hard before, be prepared to press your luck even more.
With the recent news that one-bedroom apartment rentals in Toronto just hit an average cost of $2,200, you can probably imagine there's not much hope for condos. Now, it's gone even higher! READ MORE: Good Luck Out There, Toronto's Average Cost Of A One Bedroom Rental Just Hit $2,220
As reported by Urbanation, the price of condo rentals in Toronto just shot up by a tragic 7.6% spiking the average cost to $2,385/month! Guess who's to blame? We millennials, partially.
The rental market is continually tightening thanks to demand for housing from millennials, downsizing baby boomers and all of the new tech and financial-workers entering the city.READ MORE: This Massive Luxury Home In Quebec Is More Affordable Than Your Tiny Condo In The City
What's also to blame is the ridiculous housing market. If we think $2,385/month is bad, try affording an average home worth over $800,000 in Toronto. The market is pushing people away from home sales causing an influx in rental demand.
In a statement, Urbanation president, Shaun Hildebrand said there could be a glimmer of hope for the future, “While increasing condo completions should begin to have at least some calming effect on rent increases next year, more upward momentum in purpose-rental construction is required to meet overall demand.”