Rent prices are rising again after the pandemic lull in the GTA, with significant rebound in Vaughan, Richmond Hill and Markham, according to the latest GTA Rent Report from Bullpen Research & Consulting and TorontoRentals.com.
Rents across the region hit an average of $1,999 for all unit sizes in May, which is an increase from the previous month.
"The rental market in the GTA has turned a corner and is trending back up again; bad news for tenants, and good news for landlords," Bullpen's president stated in the report.
Different parts of the region are notably rebounding faster than others, though, with rents in suburbs in York Region like Vaughan, Richmond Hill and Markham rising at a quicker pace than downtown Toronto.
Vaughan experienced the largest month-over-month increase among the major municipalities in York Region, with a monthly increase of 3.8 per cent in average rent to $2,217.
Markham was up 2.2 per cent monthly to $1,936 while Richmond Hill experienced a month-over-month increase in average rent of about 3.1 per cent to $1,742.
TorontoRentals.com concluded in the report that the trend is going upwards, with the expectation that it will continue as the vaccine becomes more readily available, and Ontario starts to reopen. As the borders open to further immigration, international students and tourism, rental rates are expected to continue to rise.
“The fall of 2021 could be a busy season for landlords.”
Irene Wong, Local Journalism Initiative Reporter, Economist & Sun