Toronto asking rents dropped 5.1% year-over-year in April, says a new report from Rentals.ca and Urbanation.

The decrease marked the 15th consecutive month of annual decline, according to the related organizations’ National Rent Report.

Despite the year-over-year dip, rent prices rose slightly (0.8%) from March.

The average asking rent in the city was $2,618 in April. Two-bedroom units saw the sharpest year-over-year decrease at 9.3%, while one- and three-bedroom units declined by 5.8% and 5.9% respectively.

“Toronto rents have been going down for over a year now,” said Giacomo Ladas, a spokesman for Rentals.ca, told The Toronto Star. “If they continue to decrease into the summer, then we’re not really sure how low they’ll go.”

Rents usually increase during warmer months, he added.

Despite recent declines, Toronto rents remain 28% higher than the pandemic-era low in April 2021.

Pictured: Toronto apartment building

Photo: Apartments.com

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