The rental market in Toronto has been experiencing a downward trend in apartment and condo prices for over a year, resulting in lower average rents and increased incentives from landlords. The current average rent for a one-bedroom downtown is around $2,224, a significant drop from the previous peak. Factors contributing to this shift include high supply, reduced international student demand, and economic uncertainty. Many renters are opting for larger spaces or considering moving out of downtown. Experts predict the favorable conditions for renters may persist into the spring.
"What really stands out to us is that the rental market has lost its sense of urgency... people scramble to secure a unit within the first few hours..."
"According to Liv Rent's April market report, the average cost of a one bedroom apartment downtown Toronto is $2,224 â nearly $400 dollars less than the last rent peak..."
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