/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 01/27/16 -- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 6,073 condominium apartment rentals through TREB's MLS® System in the fourth quarter of 2015. This result represented a substantial 20.7 per cent increase compared to 5,032 rentals reported in Q4 2014.

"While the ownership market is often top-of-mind when we think about condominium apartments in the GTA, it is important to remember that investor-held condos have become an increasingly important source of rental supply. Renters looking for mid- to high-end units have tended to be pointed at condo rentals. Strong demand resulted in tighter market conditions in Q4," said Mr. McLean.

Year-over-year growth in rental transactions outstripped growth in the number of units listed during the quarter. This suggests that competition between renters increased, which explains above-inflation rent increases for one- and two-bedroom condo apartments.

"Tighter rental market conditions resulted in strong increases in average rents compared to last year. Looking forward into 2016, expect rent growth to remain strong if we continue to see growth in the number of transactions outpace growth in the number of units listed for rent," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: Fourth Quarter 2015

Apartments

        All Bedroom
           Types        Bachelor    One-Bedroom   Two-Bedroom  Three-Bedroom
                              Avg.          Avg.          Avg.          Avg.
       Listed Leased Leased   Rent Leased   Rent Leased   Rent Leased   Rent
       ------------- ------------- ------------- ------------- -------------
Q4
 2015  11,167  6,073    166 $1,350  3,597 $1,653  2,188 $2,236    122 $2,833
Q4
 2014  10,585  5,032    109 $1,327  2,958 $1,608  1,868 $2,165     97 $2,577
Yr./Yr.
 % Chg.  5.5%  20.7%  52.3%   1.7%  21.6%   2.8%  17.1%   3.3%  25.8%   9.9%

Townhouses

        All Bedroom
           Types        Bachelor    One-Bedroom   Two-Bedroom  Three-Bedroom
                              Avg.          Avg.          Avg.          Avg.
       Listed Leased Leased   Rent Leased   Rent Leased   Rent Leased   Rent
       ------------- ------------- ------------- ------------- -------------
Q4
 2015     918    413      1 $1,200     34 $1,459    140 $1,919    238 $2,062
Q4
 2014     963    382      1 $1,100     40 $1,448    152 $1,723    189 $1,965
Yr./Yr.
 % Chg. -4.7%   8.1%   0.0%   9.1% -15.0%   0.8%  -7.9%  11.4%  25.9%   4.9%

Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 43,000 TREB Residential and Commercial Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contacts:
MEDIA INQUIRIES:
MARY GALLAGHER
SENIOR MANAGER PUBLIC AFFAIRS
416-443-8158
maryg@trebnet.com

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