Toronto's Average Rental Price Went Up 11% This February & Things Just Got So Expensive
Raise your hand if Toronto rent prices have personally victimized you.
Toronto skyline.
Buying a home in Toronto used to be the goal millennials and Gen Z laughed at, but now even rental prices might draw a chuckle or two.
In February 2022, the average monthly rent in the GTA was $2,206, according to a TorontoRentals.com report released on March 28.
While this is only a one-dollar increase from the average rental prices in January 2022, which hit $2,205, February's average rent has seen an annual increase of 11% this year.
In February 2021, the average rental price for the GTA was just $1,988 monthly, which means renters had an extra $218 in their pockets compared to renters today.
The rental market took a dip during COVID-19 as city dwellers fled the city, and according to TorontoRentals.com, rent prices were dropping month after month from January 2020 to March 2021.
However, since April 2021, prices have begun to climb their way back up, with 10 out of the past 11 months seeing rental prices increases as "the rental market begins to recover from the pandemic-related shake-up."
How have prices changed?
The average rent for a condo apartment in the GTA in 2022 increased by 20.8% at $2,484 per month compared to the first quarter of 2021, when prices sat at $2,057 per month.
Rental apartments have seen a much lower annual increase of 6.5%, with the average rent at $2,022 in 2022 so far.
However, single-family homes have seen a significant spike of 20.4% compared to 2021's first quarter, with rent sitting at an average of $2,967 in 2022.