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The Toronto Real Estate Board (TREB) released its third-quarter residential rental update for 2022. The report outlines the average rental rates for apartments and townhomes by the number of bedrooms. These numbers only include information for properties leased through TREB's system.
Oakville rental property owners listed 465 properties (112 townhomes & 343 apartments) and leased 246 (88 townhomes & 258 apartments).
Halton's vacancy rate for rentals sat at 0.5%; only Durham has a lower rate at 0.3% in the Greater Toronto Area (GTA). The highest vacancy rate for the GTA is Toronto, at 1.9%. Such a tight vacancy rate results from high demand and lack of supply, pushing rental prices up.
Across the GTA, the average rent for a one-bedroom apartment in the third quarter of 2022 was $2,481, which is 20% higher than recorded in the same quarter of 2021. In Oakville, the cost of a one-bedroom apartment was $2,343, a 15.8% annual increase.
Oakville is the most expensive town to rent in Halton. Toronto's was the highest at $2,510 in the GTA.
Leasing an average three-bedroom townhouse in Oakville was $3,479, which is lower than the $3,481 charged in 2021. Oakville is the most expensive place in Halton and the second most expensive in the GTA. Toronto was the most costly at $3,710. The GTA average was $3,366.
"Immigration into the GTA plus non-permanent migration for school and temporary employment have all picked up markedly. Add to this the impact of higher borrowing costs on the ownership market, and it becomes clear that the demand for rental housing remains strong for the foreseeable future," stated TRREB President Kevin Crigger.
Oakville apartment rental stats - Q3 2022
Oakville townhome rental stats - Q3 2022
"While investor-owned condo units have been an important source of supply, current tight market conditions and double-digit average rent growth point to the need for additional purpose-built stock, the construction of which has been lacking in recent years," said TRREB's Chief Market Analyst Jason Mercer.
