The city’s Tenant Issues Committee released a report on Friday revealing concerning trends in Toronto’s rental market — vacancy rates are down; average rents have skyrocketed; and most new rental units are in the form of condos, which are more expensive than units built specifically to rent.
Here are some highlights from the report.
1 bedroom: $1,614 vs $1,132 (43 per cent higher)
2 bedroom: $2,252 vs $1,326 (70 per cent higher)
All units: $1,829 vs $1,240 (47 per cent higher)
For $1,854 in rent, income needed is $74,160.
For $1,236 in rent, income needed is $49,440.
47: Percentage of Toronto households that are renters (The number is growing.)
47: Percentage of Toronto renters who spend more than 30 per cent of their income on housing
$1,426: Average rent for purpose-built units in 2017
19.4: Percentage increase in average rent for purpose-built units between 2012 and 2017
$2,401: Average rent for condos in 2017
50: Percentage increase in average rent for condos between 2012 and 2017
74: Percentage of shared accommodation that is affordable
12: Percentage of two-bedroom units that are affordable
49,168: Approximate number of condos rented in 2012
98,652: Approximate number of condos rented in 2017