News
Toronto Multifamily

Condo Rentals Soar, Purpose-Built Apartment Builds Hit New High

An eye-popping 27,166 condo units were rented via MLS last year in the GTA, a 19% increase over 2014 and a sixth consecutive record, according to Urbanation Inc. Activity at year’s end was “torrid,” the research firm notes, with total lease volume in Q4 up 26% year-over-year (5,628 units). Meanwhile, purpose-built rental apartment construction starts hit a 25-year high in 2015 (3,476 units), doubling the annual average since 1990, and 53 purpose-built rental buildings are planned (10,513 units). “Rental demand in the GTA grew to feverish levels in 2015 and developers have taken notice,” Urbanation SVP Shaun Hildebrand says.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Toronto Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

Riverwards Group Secures Construction Financing For 155 Units In Olde Richmond

Mesirow Pays $132M For Midtown Luxury Apartment Tower

Integra Acquires Evacuated Broward Condo Complex Via Court-Ordered Auction