The cost of renting a home in Ontario rose more than almost every other province in Canada last month, according to a new national analysis of online listings.
The latest National Rent Report, released this week by Rentals.ca and Bullpen Research and Consulting, found that Ontario ranked second for the highest median rent for all types of housing in July.
The only province to outperform Ontario was British Columbia with a year-over-year increase of 19 percent.
In Ontario, the median residential rent rose to $2,332 per month in July, representing a monthly increase of 3.1 percent and an annual increase of 15.2 percent.
A LOCAL LOOK
Overall, the median rent in downtown Toronto increased 24 percent year over year in July.
For a one-bedroom unit, rent was $2,257 in July, which is a year-over-year increase of 21.6% in Toronto.
For a two-bedroom apartment, that increase jumped 25 percent to $3,259.
Average month-over-month rent in the city saw an increase of four percent for one-bedrooms and 7.8 percent for two-bedrooms.
While downtown Toronto is known for its pricey rental units, three of its former boroughs — Etobicoke, North York and Scarborough — also saw significant rent increases in July.
In Etobicoke, the median rental cost for a one-bedroom unit hit $2,007 in July and $2,582 for a two-bedroom.
Year over year, that marks an 11.5% increase for a one-bedroom apartment in Etobicoke and a 9.3% increase for a two-bedroom apartment.
In North York, renters paid an average of $1,913 for a one-bedroom last month and $2,469 for a two-bedroom suite.
Year over year, the median monthly rent in July increased 14.6% for a one-bedroom apartment in North York and 21.9% for a two-bedroom apartment.
To the east, in Scarborough, the cost of renting a one-bedroom apartment was $1,635 in July. Rent for a two-bedroom unit was $2,133.
Year over year, rent rose 3.1 percent for a one-bedroom apartment in Scarborough and 15.2 percent for a two-bedroom.
The study found that renters in other parts of the GTA also pay significantly higher rent.
In Mississauga, a one-bedroom apartment cost $1,862 last month, while rent for a two-bedroom apartment was $2,394.
Year over year, rent increased 6.2 percent for a one-bedroom apartment in Mississauga and 12.4 percent for a two-bedroom apartment.
In Vaughan, a one-bedroom suite cost $1,825 last month. Rent for a two-bedroom apartment was over $2,396.
Year over year, that marks an increase of 7.4% for one-bedroom apartments in Vaughan and 12.5% for two-bedroom apartments. Month over month, the median rent in Vaughan increased 5.6% for a one-bedroom apartment and 8.1% for a two-bedroom apartment.
Brampton renters paid $1,772 for a one-bedroom apartment in July and $2,388 for a two-bedroom unit.
Year over year, rent increased 13.8% for a one-bedroom apartment in Brampton and 33.2% for a two-bedroom apartment. Month over month, the median rent in Vaughan increased 9.6% for a one-bedroom apartment and 16.4% for a two-bedroom apartment.
Finally, in Oshawa, the median cost to rent a one-bedroom unit was $1,626 and $1,953 for a two-bedroom.
Year over year, that marks a jump of 8.1% for one-bedroom apartments in Oshawa and 16.8% for two-bedroom apartments.
Outside the GTA, monthly rent inflation increased from 24 percent to 26 percent in London, Hamilton and Kitchener.