GTA Rental Market 2023 Performance & 2024 Outlook

Robust Condominium Apartment Leasing Trends in Q4 2023

As per Toronto Regional Real Estate Board (TRREB)’s Rental Market Report for Q4 2023, the condominium apartment leasing market in the Greater Toronto Area (GTA) displayed continued strength. The MLS® data revealed a noteworthy surge in year-over-year lease transactions, indicating a thriving rental activity.

However, the rate of annual increase in the number of units available for rent surpassed that of transactions, providing renters with a broader selection and contributing to a more moderate pace of rent growth compared to the first half of the year.

According to TRREB’s MLS® System, the number of condominium apartment rental transactions experienced a substantial year-over-year increase of 12.6%, reaching a total of 9,745 in the fourth quarter of 2023. Concurrently, the number of rental listings also saw a significant annual rise, escalating by 46%.

TRREB noted the tightness of the rental market in the GTA, anticipating its continuation due to the expected population growth. However, a positive development in the second half of 2023 is also noted, as the condominium apartment rental market witnessed a welcomed increase in listing supply. This, in turn, temporarily slowed the pace of average rent growth, providing a brief respite for renters in the region.

The fourth quarter of 2023 showcased a dynamic condominium apartment leasing market in the GTA, with robust transactional activity, increased rental listings, and a measured growth in average rents, reflecting the ongoing interplay of market forces in the region.

Affordability challenges for potential homebuyers, driven by elevated borrowing costs, further contributed to the sustained demand for rental properties.

Q4 2023 Average GTA Rents
1 BR$2,552$2,340
2 BR$3,267$3,038
3 BR$3,906$3,529

In terms of rental costs, the average rent for a one-bedroom condominium apartment experienced a modest 2.2% increase, reaching $2,552 in the fourth quarter of 2023. Similarly, the average rent for a two-bedroom apartment rose by 3.7%, reaching $3,267 over the same period.

Find out how rent increase works.

Summary of Rental Transactions – All TRREB Areas – Apartments – Q4 2023 
 All ApartmentsBachelorOne-BedroomTwo-BedroomThree Bedroom
 Total ListedTotal LeasedLeasedAvg. Lease RateLeasedAvg. Lease RateLeasedAvg. Lease RateLeasedAvg. Lease Rate
All TRREB Areas21,6739,745312$2,1315,766$2,5523,354$3,267313$3,906
Halton Hills22002$2,5500
City of Toronto16,1477,026292$2,1564,324$2,5732,182$3,415228$4,050
All York Region2,1191,2267$1,964700$2,504484$3,04835$3,696
All Durham Region161728$1,54033$2,31329$2,6682$2,875

GTA Rental Market Map

GTA Rental Map
Summary of Rental Transactions – All TRREB Areas – Townhouses – Q4 2023
 All Townhouses Bachelor 
Three Bedroom
 Total ListedTotal LeasedLeasedAvg. Lease RateLeasedAvg. Lease RateLeasedAvg. Lease RateLeasedAvg. Lease Rate
All TRREB Areas1,8277693$1,52755$2,340398$3,038313
Halton Hills100000
City of Toronto753329033$2,481176$3,243120$3,813
All York Region2541251$1,8005$1,91066$2,96453$3,415
All Durham Region