The pandemic dclines the rents as schools and jobs switched online, but now as University of Toronto is returning to in-person classe, there are worries about affordability.
According to GTA, the avg annual rent decreased by 19% in 2021; condo prices decreased to 17% YoY, from an avg monthly price of $2,480/unit to $2,047.
As schools and workplaces reopen and the rental properties demand rise, the rent prices have been rising too, the avg increase up to 2.2%/sq ft since January.
According to University of Toronto, despite lower prices and even additional incentives during last year, prices for off-campus housing are rising due to a lack of inventory. But the good news for students is that rates, at this point are not rising pre-pandemic. The advise for students is to be prepared about their rights as a tenant and have all required documentation before starting their housing search.