Average Rent in the GTA continues to see a price drop
For the 13th consecutive month, average rent in the Greater Toronto Area has dropped.
According to Toronto Rentals January Rent Report, the average rent for all property types in December 2020 fell to $2,020, a 16% decrease.
One-bedroom units saw the biggest decrease of 14.3% annually, with renters paying $300 less.
As for two-bedroom units, it saw a decline of 12.7%, equaling $335 less per month, and three-bedroom units with a drop of 7.6%.
When it comes to GTA condos, rental pricing declined by 18% annually in December 2020 compared to that same time last year.
With lockdown measures in effect, there’s a chance we will continue to see a drop in average rent for the next few months.