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.
The average amount landlords ask for rent is 1.5 times the average amount tenants are currently paying.
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)
Income needed to afford rent.
For $1,854 in rent, income needed is $74,160.
For $1,236 in rent, income needed is $49,440.
More by the numbers:
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