Toronto’s rental market is experiencing a shift, with average rents down 5.3% year-over-year in February to $2,482, and 11.7% lower than two years prior. While this may seem like good news for renters, the situation is more complex than simple supply and demand. A surge in new rental supply, combined with smaller unit sizes (averaging 826 sq ft, a 6% decrease), is contributing to the decline. However, hidden costs like separate hydro and water billing in new builds, coupled with concerns about non-rent-controlled units and unfinished amenities, are impacting affordability. While Oakville and Vaughan also see rent decreases, Hamilton bucks the trend with a 10.1% increase. To delve deeper into the factors shaping Toronto’s rental landscape, be sure to read the full article on thestar.com.
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