Average rents in purpose-built apartments broke the $3,000 barrier for the first time in the first quarter of this year — the sixth straight quarter in which Toronto area rents have seen double-digit year-over-year increases, according to Urbanation.
The situation is “very alarming,” even though rent growth has moderated, said Shaun Hildebrand, president of the market research firm, on Thursday. Rents slowed to 13.8 per cent annual growth in the first quarter from 15 per cent in the final quarter of last year and 17 per cent in the second quarter of 2022. The figures apply to purpose-built apartments constructed since 1985.
