Investment Executive on Nostr: Condo rents in Toronto region dip for first time in three years: report ========== A ...
Condo rents in Toronto region dip for first time in three years: report
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A new report from Urbanation Inc. reveals that condo rents in the Greater Toronto and Hamilton area have dipped for the first time in three years. Average condo rents on new leases in the second quarter were down 1.2% compared to last year, with rent averaging $3.97 per square foot. The decline is attributed to a spike in condo completions, although the trend is not expected to last as new condo sales and starts have dropped off substantially. Rents for purpose-built rental apartments completed since 2000 rose 2.2% from last year to an average of $4.08 per square foot. Vacancies for purpose-built rental apartments increased from 1.6% in Q2 2022 to 2.7% in the last quarter, while rental apartment construction starts were up 43% from last year.
#CondoRents #TorontoRegion #UrbanationInc #RentalApartments #Vacancies #ConstructionStarts
https://www.investmentexecutive.com/news/research-and-markets/condo-rents-in-toronto-region-dip-for-first-time-in-three-years-report/
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A new report from Urbanation Inc. reveals that condo rents in the Greater Toronto and Hamilton area have dipped for the first time in three years. Average condo rents on new leases in the second quarter were down 1.2% compared to last year, with rent averaging $3.97 per square foot. The decline is attributed to a spike in condo completions, although the trend is not expected to last as new condo sales and starts have dropped off substantially. Rents for purpose-built rental apartments completed since 2000 rose 2.2% from last year to an average of $4.08 per square foot. Vacancies for purpose-built rental apartments increased from 1.6% in Q2 2022 to 2.7% in the last quarter, while rental apartment construction starts were up 43% from last year.
#CondoRents #TorontoRegion #UrbanationInc #RentalApartments #Vacancies #ConstructionStarts
https://www.investmentexecutive.com/news/research-and-markets/condo-rents-in-toronto-region-dip-for-first-time-in-three-years-report/