TRREB Releases 2025 Q3 Rental Market Statistics

The Greater Toronto Area (GTA) condominium apartment rental market tightened in the third quarter of 2025 compared to Q3 2024. Year-over-year growth in rental condo transactions outstripped growth in the number of units listed for rent. Tighter market conditions did not immediately translate into rent growth. In fact, average rents were down compared to last year across all bedroom types.

The number of condo apartment rental transactions reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in Q3 2025 amounted to 22,491 – up 20.2 per cent compared to 18,711 rentals reported in Q3 2024. On the supply side, 28,406 units were listed for rent in Q3 2025 – up 15.5 per cent yearover-year.

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High borrowing costs continue to preclude some households from home ownership, so these households choose to rent. On top of this, the GTA population continued to grow on the back of immigration. Many newcomers initially choose to rent when they arrive in the region, while they establish themselves in the labour market and save a downpayment for an eventual home purchase.

While rental market conditions do appear to have tightened over the past year, there remains substantial inventory in the marketplace from a historic perspective. High inventory has translated into negotiating power for renters, resulting in downward trending average rents.

The increase in the GTA rental inventory has not just occurred in the condominium apartment rental segment. New purpose-built rental units are also providing competitive options for renters. There are many purpose-built units under construction as well. This suggests that renters will continue to benefit from substantial choice in the months ahead.