The price of rent in the GTA is skyrocketing.
In the 416 area there is expected to be an increase of 10% in rents next year and in the 905 rents are expected to rise by as much as 7%.
In the GTA, rents increased by 4.3% to an average of $2,167 in November, according to the Toronto GTA Rent Report.
Last year in the GTA, rents for all types of properties declined by 15.6%.
Bullpen Research & Consulting and Rentals.ca forecast rents in Oakville are expected to jump 7% to $2,635 a month next year while in Markham rents are to rise 4% to $2,295 a month.
Mississauga rents are expected to rise 7% to $2,265 per month, and rents in Vaughan are expected to go up 6% to $2,273 per month.
In Etobicoke, average rents are expected to increase by 9% to an average rent of $2,360 per month and in North York, rent is forecasted to grow 9% to $2,195 per month. In Scarborough, rents are expected to go up 10% to an average rent of $2,175 per month.
“We expect the strong growth experienced in the second half of 2021 to continue in 2022 with average rents in old Toronto seeing the highest growth in the GTA,” said Ben Myers, president of Bullpen Research and Consulting.