This edition of the Liberty Village Market Report examines recent trends in the rental market for 1 Bedroom plus Den condos in Liberty Village. We look at three elements of the market: a) currently active listings, b) recently leased suites for the past 90 days, and c) compare these with the rental market from early 2011. In summary, we find that despite more than doubling the number of rental units available in Liberty Village since 2011, rents have increased steadily and demand for 1+den units remains strong. Liberty Village is a desirable area for both Tenants and Landlords.
a) Summary of Currently Active 1 Bedroom + Den Rental Listings:
As of the 2nd week of March there were six 1 bedroom + den suites available for lease. The list prices go from $1690 to $1800 with an average of approximately $1700 per month. All these suites come with parking. The sizes range from between 650 square feet to 710 square feet.
b) Analysis of Recently Leased 1 Bedroom + Den condos in the past 90 days:
In the 90 days leading up to mid-March 2013, there were fifty 1 bedroom + den suites rented out. These ranged in price from $1500 up to $1999 per month. All the suites had one parking space. The statistical average rental price for these was $1703 per month with the median being $1680 per month. The Days on Market ranged from 1 Day to 53 Days on Market. The Average Days on Market was 18 days and the median was 10. 45 of the rentals were condo apartments, while 5 were lofts. There were no one bedroom plus den townhomes rented during this 90 day period. The suites that rented for $1900 or more were generally 800 square feet or larger.
c) Comparison with 1 Bedroom + Den Condo Rentals from early 2011:
In the spring of 2011 there were nineteen 1 bedroom + den units leased out. The lease rates ranged from $1350 on the low side to $2525 on the high end. The lower priced units did not have a parking space. The suite that rented for $2525 was a large loft space at the Toy Factory. If we exclude that one large unit on the high end we see the typical range extended to $1800 per month. The average rent was $1611 per month, the median was $1625 and the mode was $1600 per month. Comparing today’s rents with the rents from 2 years ago, we see there has been an approximately 5% increase in average rents during this time frame. This increase is in line with cost of living and is in line with the Ontario Government Rent Increase Guideline which was 3.1% in 2012, and is 2.5% for 2013. The average days on market was 13 in 2011 and the median was 10.
Based on this comparison we see that that even though the number of condos available for rent has more than doubled in Liberty Village, the demand remains strong and despite the larger supply, the prices increased by around 5 %. This demonstrates that tenants want to live in Liberty Village and Landlords made a good decision to invest in a Liberty Village condo.
If you are interested in purchasing a Liberty Village condo for investment, want to sell your condo, or are looking to rent out your condo please contact us. If you are interested in renting a condo or purchasing one for yourself in Liberty Village we look forward to assisting you. Send us an email, or give us a call today. 416-520-0779 or [email protected]