The cost of rent here in the GTA is on the rise.
A new report finds the average rent price in May saw the largest monthly hike in more than three years.
Bullpen Research and Consulting and TorontoRentals.com crunched the numbers and found rent increased just under six per cent last month as housing supply continues to tighten and demand surges.
The average monthly price to rent is also up year-over-year — 16.5 per cent from May 2021 to May 2022.
Toronto had the highest average monthly rent for condo and apartments at $2,438 last month, an annual increase of 19.8 per cent.
Burlington followed with an increase of 18.3 per cent to $2,233, and Etobicoke saw an increase of 17 per cent with $2,263.
Vaughan was the only city to post an annual decline in average rent at -6.6 per cent to $2,072.
The report shows on average rent is around $45 less than pre-pandemic rates in February 2020 of $2,372.
Source: Toronto City News