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Rental prices continue to drop in Toronto amid pandemic

Last Updated Sep 23, 2020 at 11:02 am EDT

The cost to rent an apartment or condo in Toronto continues to get less expensive.

Rental prices have dropped for nine months in a row, led by a double digit percentage drop in the downtown.

The average monthly rent for an apartment is now $2,185, calculated by Torontorentals.com. That’s down nearly 11 per cent from a year ago.

In the 416, some prices are down by as much as 16 per cent with a significant drop in demand for downtown condos.

CEO of Rentals.ca Matt Denison said the market has seen a shift in demand with less immigration, fewer students and less of a need to be close to work.

Eight out of 11 GTA neighbourhoods have seen prices come down. The only there where it’s a bit more expensive are Etobicoke, North York and Mississauga.

The ripple effect of lower rental costs could start to show up in the condo resale market if carrying costs on properties exceed the rate of rental return.

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