It is safe to say that the condo rental market in the city is back in full force.
The rental market has seen a steady increase over the last four months after 14 months of continuous price drops since the onset of the pandemic. The downtown core saw an increase of 4.7% month over month (July 2021) with bidding wars taking place; particularly for larger units which lead the way. Based on how quickly units are getting snatched up and lack of new active lease listings, we can see the surge of demand.
Although rental prices are not exactly where the were at their all time high prior to the start of the pandemic, based on the way prices are trending now, we can expect them to over take pre-pandemic levels, sooner than later. Important to see where this takes us as the resale market is expected to surge with not only the demand for rental properties but the inevitable return of immigration.