TORONTO, ONTARIO -- (Marketwire) -- 04/18/12 -- Greater Toronto REALTORS® reported 3,804 leased condominium apartment transactions in the first quarter of 2012, up 11 per cent from the 3,442 units rented during the first three months of 2011. The number of condominium apartments listed for rent on the TorontoMLS system during the first quarter was also up, but by a lesser four per cent to 7,096 units.

"There have been very few purpose-built rental buildings completed in the GTA over the past few years. This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners," said Toronto Real Estate Board President Richard Silver.

"Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings," continued Silver.

Average one-bedroom and two-bedroom condominium apartment rents increased at annual rates above inflation, at four and seven per cent respectively.

"Tighter rental market conditions played a key role in the strong annual average rent increases. However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Rental Market Summary: First Quarter 2012

Apartments(1,2,3)                                                           
                                                                            
        All Bedroom     Bachelor    One-Bedroom   Two-Bedroom  Three-Bedroom
           Types                                                            
       Listed Leased Leased   Avg. Leased   Avg. Leased   Avg. Leased   Avg.
                              Rent          Rent          Rent          Rent
       ---------------------------------------------------------------------
                                                                            
Q1 2012 7,096  3,804     96 $1,306  2,111 $1,538  1,522 $2,089     75 $2,079
Q1 2011 6,829  3,442     76 $1,220  1,839 $1,484  1,445 $1,957     82 $2,442
Yr./Yr.                                                                     
 % Chg.    4%    11%    26%     7%    15%     4%     5%     7%    -9%   -15%
                                                                            
Townhouses(1,2,3)                                                           
                                                                            
         All Bedroom                                                        
               Types      Bachelor   One-Bedroom   Two-Bedroom Three-Bedroom
                              Avg.          Avg.          Avg.          Avg.
       Listed Leased Leased   Rent Leased   Rent Leased   Rent Leased   Rent
       ---------------------------------------------------------------------
                                                                            
Q1 2012   603    276      3 $1,263     34 $1,403     73 $1,696    166 $1,933
Q1 2011   556    206      0      -     20 $1,374     49 $1,647    137 $1,830
Yr./Yr.                                                                     
 % Chg.    8%    34%      -      -    70%     2%    49%     3%    21%     6%
                                                                            
(1)Refers to the total number of rental units that were available during the
reporting period.                                                           
(2)Refers to firm lease transactions entered in the TorontoMLS system       
between the first and last day of the reporting period.                     
(3)Refers to the average lease rate for firm lease transactions entered in  
the TorontoMLS system between the first and last day of the reporting       
period.                                                                     

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