TRREB Releases 2025 Q4 Rental Market Statistics

Greater Toronto Area (GTA) condominium apartment rental transactions and listings continued to grow on a year-over-year basis in the fourth quarter of 2025. However, despite growth in rental transactions outpacing growth in listings, average rents were down across market segments compared to the fourth quarter of 2024.

The number of condo apartment rental transactions reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in Q4 2025 amounted to 13,687 – up 16 per cent compared to 11,802 rentals reported in Q4 2024. On the supply side, 20,264 units were listed for rent in Q4 2025 – up 8.5 per cent year-over-year.

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Despite experiencing a marked dip in temporary residents – an important driver of rental demand – in 2025, growth in permanent residents through immigration helped keep rental transactions above 2024 levels. Many newcomers initially choose to rent when they arrive in the region, before ultimately choosing to purchase a home a few years down the road.

While the home ownership market has become more affordable over the past year, Ipsos polling for TRREB has found that many renters are still seeing a gap between an affordable mortgage payment and the mortgage associated with the type of home they would like to purchase. This situation has contributed to sustained rental demand and slower recovery in the home ownership market.

Over the next year, there will likely remain enough inventory in the condominium and purpose-built rental segments to afford renter households substantial negotiating power. This will sustain relatively affordable rents compared to earlier on in the decade.