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

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.