The Toronto Real Estate Board (TREB) said the average rent for a one-bedroom condominium apartment in the GTA climbed to $1,970 in the final quarter of last year, while rent for a two-bedroom condominium apartment rose 8.8 per cent to $2,627.
Apartment rents climbed sharply in the Greater Toronto Area in 2017 as population growth and low supply pushed vacancy levels below 1 per cent.
TREB president Tom Syrianos said the demand for new rental accommodation is continuing to grow in Toronto as the GTA's population continues to rise.
"The problem is that rental supply has not kept up with the increase in demand in recent years," he said in a statement. "The result has been low vacancy rates and intense competition between renters for available units."