GTHA Rent Prices Taking a Dip But That Might Change, Fam 📉🤔

The Deets

Yo, listen up! Word on the street is rent prices in the GTHA are actually taking a chill pill. Like, they're down 2.2% compared to last year, no cap. And for all you tryna flex in a condo, those rent prices have been droppin' for the fourth quarter in a row. That's a W.

Why the sudden change, you ask? Basically, there are more apartments and condos available. More supply means landlords gotta compete, making it a bit easier to find a place without completely emptying your bank account. In the first quarter of this year, there was a 173% increase in completed units, hitting the second-highest quarterly total in three decades. Straight up bussin'

But hold up, don't get too comfy just yet. Some big brain experts are throwin' some shade on this good news. They're sayin' this era of cheaper rent might be short-lived. Construction for new rental buildings and condos is slowing way down. Construction starts for purpose-built rental units decreased by 60% in the first quarter compared to last year.

Also, vacancy rates for purpose-built rentals are at 3.5%, which is up from 2.6% last year, which is interesting. Landlords are even offering incentives like free months of rent to try and get people to move in.

Basically, enjoy the lower prices while they last, cuz things might get sus again soon. Stay woke, fam!