Higher demand for rental housing in next few months expected to put pressure on rents if new listings can't keep up. TRREB registered 13,168 leases in the GTA during Q1 2021, predominantly in private dwellings comprising apartment condominiums and low-rise housing. Average rents decreased by 24% for bachelor units, while there was a 12.3% for hard-to-find 3 bedroom condo apartments.
A record increase in rental unit supply has been registered during the past three quarters, with rental listings increasing by 132% in Q1 2020, YoY. The vacancy rates in the City of Toronto increased to 1.7% in Q1, from a low of 0.9% a year earlier. Rental housing market activity will be driven by expectations about the economic recovery, demographic shifts and a loosening of mobility and assembly restrictions.