TRREB Releases 2024 Q4 Rental Market Statistics

Demand for rental condominium apartments in the Greater Toronto Area (GTA) remained strong in the fourth quarter of 2024. The number of rental transactions reported through TRREB’s MLS® System was up on a year-over-year basis. As the region’s population continued to grow and borrowing costs remained high from a historic perspective, many households turned to the rental market to meet their housing needs.

While the demand for rental units remained strong, the supply of condominium apartments available to renters grew at an even faster pace. In line with market conditions over the past year, renters benefitted from substantial choice and therefore negotiating power in the marketplace. The end result was a dip in average one- bedroom and two-bedroom condominium apartment rents compared to the fourth quarter of 2023..

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While average rents are off their peak, they remain high from a historic perspective. Looking forward, as borrowing costs continue to trend lower as we move toward the spring of 2025, look for some renters to take a harder look at home ownership for the first time. This could lead to increased condo rental inventory in the months ahead.

There were 11,058 rental transactions reported through TRREB’s MLS® System in in Q4 2024 – up by 13.6 per cent compared to 9,736 rental transactions in Q4 2023. Over the same period, the number of apartments listed for rent grew by 17.5 per cent to 25,478, compared to 21,684 a year earlier.

The average one-bedroom condominium apartment rent was $2,424 in Q4 2024. This result was down by five per cent compared to the average of $2,552 in Q4 2023. The average Q4 2024 two-bedroom rent was $3,154 – down by 3.5 per cent compared to $3,268 in the fourth quarter of 2023.