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Toronto, the capital of Ontario, is the largest city in Canada in terms of population. Hence a large number of people are relocating to Toronto for personal or professional reasons. Since purchasing an apartment is expensive, many people are interested in finding an apartment for rent at a reasonable rate. In other cases, individuals and families living in rental homes would like to move into another rental home. They would like to find out the average rents for the houses for rent near me in the greater Toronto area (GTA), so that they can budget accordingly and search for suitable home
Many people who have a limited budget are interested in finding condos for rent since they are the cheapest rental homes for families. They are usually interested in finding one bedroom-condos for rent. According to reliable real estate sources the average rental rate for condos in the Toronto area is $1145. Like other property rentals the condo rental rates will vary depending on location of condo. However, the rates in the more developed older areas of Toronto remain high, with some condo rentals exceeding $2000
The average rentals for apartments in the GTA again vary depending on the size of the apartment. According to the information provided by industry sources, the average rental for a two bedroom apartment is $1329 in 2021. Many families with children prefer a larger apartment with more bedrooms. The average rental for a three bedroom apartment is $1517, while average rentals for four bedroom apartments are $1755. More large families are preferring to rent apartments with five bedrooms, and the average rental for these apartments is $1963.
Some families prefer to hire townhouses since they are more spacious and offer more privacy. The average rental for a two bedroom townhouse is $1590. Reflecting the lower demand for three bedroom townhouses, average rentals are lower at $1542. The average property rentals for four bedroom and five bedroom townhouses are $2037 and $2356 respectively. This indicates that there is more demand for larger rental townhouses with four and five bedrooms, since people in the GTA are spending more time at home in 2020-21 due to the covid-19 pandemic.
Students, and professionals with a very limited rental budget are also interested in finding a room for rent near me. They can opt for a hostel room, which is affordably priced at $754 a month. However, in a hostel room some of the facilities especially cooking, bathrooms and others may be shared with others. So some students and professionals would prefer to opt for a bachelor apartment which is self contained and has more privacy. According to industry associations, average monthly rentals for a bachelor apartment in the GTA are $969
Factors affecting rentals
While the average GTA monthly rental rates have been specified above, the actual rates will vary greatly depending on a large number of factors. For example though the condo, apartment and townhouse monthly rental rates have declined by approximately 10% in most areas of Toronto, in a few areas there has been an increase in the rental rates. This is because apartments in newly constructed apartment complexes with the latest amenities and technologies are available on rent. The rental rates for these hitech apartments are usually far higher than the older apartments which do not have these amenities.The new constructed apartments usually have the best hardware, security, amenities. They will also require less maintenance and repairs for the first few years. So the rental rates are higher for these new apartments. Rental rates are usually lower in buildings a few decades old, which require repairs.
Another factor which determines the rental rates to a large extent is location of the property. Usually the rentals for properties in prime commercial areas, older areas of Toronto are usually higher due to higher land prices. In the suburbs and areas some distance away from the city, land prices are lower, so the rental rates for apartments, condos are lower. The demand for the condos in the suburbs are also lower, since people usually will have to spend more time commuting to their workplace. Usually people are willing to pay more for homes with better security features, reliable electricity and water supply.