The past year has been a roller coaster for Toronto's Rental Market. 2022 saw prices continue to increase by 10% way beyond inflation. With the start of a new year. We took a look at the numbers for Downtown Toronto and Humber Bay Shores to see what's happening in Toronto's rental market and give our rental market analysis for 2023.
In January of 2023, 1,415 condos were leased. In February, there were 2,100 condo units available to rent. Usually, the winter is quiet for rentals, but the market has been more active than normal. What we're starting to see is a market finally coming into balance. As we mentioned, in 2022 rental prices increased by 10%, however, incomes only increased by 5%, this is going to create some sort of brake and we're looking at prices beginning to slow down.
We also broke down rental prices based on features. In Toronto, tenants interested in a two-bedroom condo will generally pay an extra $400 per month if they want a second bathroom. Parking, however, is less expensive, when looking to rent a 1 bedroom plus den condo, parking costs an extra $100 per month.
Below we have the breakdown of the average going rent for a Downtown Toronto Condo in January 2023. These numbers are based on what has been reported on MLS, so rentals that are leased independently are not included.