Urbanation has just released its inaugural condominium apartment rental market overview for the first quarter of this year. The organization calls itself the leading source of information and analysis on the Toronto condo market since 1981.
The UrbanRental report targets condo developers, lenders, real estate brokers, investors, basically anyone in the rental apartment business. The report is released quarterly provides information on the trends and changes in rental rates in the Toronto Census Metropolitan Area (CMA).
Ben Myers, Urbanation Executive Vice President and Editor says, "With the increasing number of small condo units being bought by investors, this report will be essential for anyone who owns and rents a suite."
According to Urbanation, over 50% of new condos sold in the Toronto CMA are purchased by investors. With over 18,000 new condos selling annually over the past five years, they estimate that an additional 7,000 suites will be added to the condo rental pool annually over the next few years.
Some interesting tidbits:
- Average rent in Toronto CMA was $2.11 psf a 2.2& increase over Q1-2010
- Average rent was $1,686 per month an 0.9% increase
- Average rental size was 800 sf down from 812 sf
- Average days on market was 29 marginally up from 28 days a year ago.
On the new condo front Urbanation expects 16,000 units to register this year which it the highest amount ever. And currently they are following 284 active condos projects within the Toronto CMA. Busy times for the Toronto condo market.
For more information contact:
10 Price Street, Suite 200
Toronto, ON M4W 1Z4
416-992-2200 ext 243
|Related Companies:||Baker Real Estate Inc., gh3, Lifetime Developments, Montana Steele, Skygrid Construction, Tomas Pearce Interior Design Consulting Inc, Wallman Architects|