TRREB Releases 2025 Q1 Rental Market Statistics

Greater Toronto Area (GTA) condominium apartment rental transactions reported through the Toronto Regional Real Estate Board’s MLS® System continued to increase in the first quarter of 2025. Over the same period, the rental market remained well-supplied due to an increase in available rental units over the past year.

There were 14,797 condo rental transactions reported in Q1 2025 – up by 16.7 per cent compared to 12,676 rentals reported in Q1 2024. The number of units listed during the first quarter, at 22,652, was also up compared to 2024, but by a lesser annual rate of 11 per cent.

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Average condo apartment rents declined on a year-over-year basis in Q1 2025. The average one-bedroom rent was $2,343 – down by four per cent compared to the average of $2,440 in Q1 2024. The average two-bedroom rent was $3,036 – down by 3.3 per cent compared to the average of $3,138 in Q1 2024.

Over the last year, the inventory of available condo rentals remained high from a historic perspective. Even with sustained increases in rental transactions, most renters benefitted from increased negotiating power with landlords, resulting in the downward trend in average rents.

It is interesting to note that first quarter rental transactions increased at a greater annual rate than the number of units listed for rent over the past year. If this trend continues as we move through 2025, inventory levels could decline. This could initially provide some support for average rents and potentially lead to rent increases further into the future.