Urbanation launched their innovative UrbanRental report yesterday morning, which provides a wealth of information on the trends and changes in rental rates for over 1,100 condo buildings within the Toronto CMA (Census Metropolitan Area).
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| Urbanation's Ben Myers presents the latest rental stats for the Toronto CMA |
The report will be released quarterly and targets condo developers, lenders, real estate professionals, investors -- pretty much anyone with an interest in the rental apartment business.
According to Urbanation, over 50% of new condos sold in the Toronto CMA are purchased by investors (i.e. buyers who don’t intend to occupy their units). “With the increasing number of small condo units being bought by investors, this report will be essential for anyone who owns and rents a suite,” says Ben Myers, Urbanation Executive Vice President and Editor.
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| Left: Attendees at the UrbanRental launch event; Right: Ben Myers with the first UrbanRental report |
The first UrbanRental report released (Q1-2011) shows that overall, demand and the number of leased units in the condominium apartment rental market remain high, while the average days-on-market is low. Urbanation predicts the trend going forward will be continued flat rate index rent increases, and that index price appreciation in the new and resale condo market will outpace that of index rents.
For more details or to sign up for UrbanRental, please visit www.urbanation.ca/UrbanRental.
