By the numbers: Toronto’s rental market

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.

 

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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.

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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

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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

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49,168: Approximate number of condos rented in 2012

98,652: Approximate number of condos rented in 2017