GTA rents in May see largest monthly price hike in more than three years

GTA rent prices in May saw the largest monthly hike in more than three years at 5.7 per cent as supply tightens and demand surges.

A new report by Bullpen Research & Consulting and found the average monthly rent in the GTA increased by 16.5 per cent year-over-year, from $1,998 in May 2021 to $2,327 in May 2022. But rents in May are still slightly below pre-pandemic costs. In May 2019, the average rental was $2,365.

“Investor-owned condominiums led the way, experiencing significant annual growth of 25 per cent from May of last year,” said Ben Myers, president of Bullpen Research & Consulting, in a statement.

Source: Toronto Star

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