Realtors’ Top Tips for Conquering GTA’s Red-Hot Rental Market

The rental market in the Greater Toronto Area (GTA) is heating up, with prices and demand rising and inventory decreasing. Experts say that low inventory and interest rate paranoia are driving prices up, and three distinct demographics are fuelling the current rental market surge: students returning to on-campus learning, working professionals returning to the office on a hybrid work-from-home model, and landlords selling their units. Downtown Toronto has seen the most significant uptick in rental prices, with average monthly rental prices increasing by $387 since last June. One-plus-dens units are highly sought-after and often leased within hours of being listed. To find the best value in the overheated rental market, experts recommend doing research, being aggressive with offers, using data-based platforms like Strata.ca, working with a knowledgeable real estate agent, and picking spots in areas where demand isn't as high.