Urbanation Inc. has released its Q1-2023 rental market results, showing that the average rents for purpose-built rental buildings completed since 2005 in the Greater Toronto Area (GTA) have reached a record high of $3,002, with a slower annual rent growth rate of 13.8% compared to Q1-2022. The average transacted rents for condominiums in the GTA also grew at a similar annual rate of 13.6%, with the fastest rate of rent growth for smaller units. The vacancy rate in purpose-built rental buildings in the GTA remained under 2% for the fifth consecutive quarter, despite a projected significant increase in purpose-built rental completions in the rest of 2023. The GTA rental market has experienced a tight supply due to high population inflows, low homeownership affordability, and a strong labour market contributing to increased demand.
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