There is a bright light in all of the doom and gloom chatter in the media regarding the busting condo market. If you’re still confused about what’s happening with the market, read our most recent REAL market analysis post…go ahead, we’ll wait. Back? Great, now that you’ve decided to hang on to your Condo investment let’s talk Rental Market.
The past few years we’ve noticed a spike in demand from Tenants for 2 and 3 Bedroom condominiums. 3/4 of every offer we’ve submitted on a 2 or 3 bedroom suite has ended up in multiple offers. Yes, that’s right, multiple offers on rental units! Here’s what the Q3 2012 figures look like across the GTA. Keep in mind that your specific unit could be worth more or less depending on location, condition, and a slew of other factors. Important to remember that some of the actual rents achieved in some of Toronto’s more popular neighbourhood like Leslieville, Riverdale, Roncesvalles, Downtown Core, are somewhat higher than these figures.
There were a total of 5,241 Condo Apartments Leased in Q3 of 2012:
119 Bachelor units at an average price of $1,336 GTA avg & $1,358 in Toronto
2733 One Bed Units at an average price of $1,605 GTA avg & $1,643 in Toronto
2250 Two Bed Units at an average price of $2,097 GTA avg & $2,247 in Toronto
139 Three Bed Units at an average price of $2,660 GTA avg & $2,983 in Toronto
What caught our eye was that the demand for 3 Bedroom Condos caused a spike in price of nearly 13% when compared to Q3 of 2011. We saw minor price increases across the board for 2 Bedrooms at 2.2%, 1 Bedrooms at 3.4% and Bachelor units spiked by 4.6% in 2012. Although the condo sales market is quite weak right now, the Rental market in Toronto is quite strong. Our advice would be to get a good tenant and keep them. We can help with that, just get in touch to learn more about the process.