Our commentary is focused on just the Downtown and Humber Bay markets for rentals. The leasing and available units are basically unchanged in April from March at 2057 units leased. Activity in the rental market is over 3 times as busy as the sales market.
The good news for tenants is that rents also have plateaued.
With the construction activity downtown, many renters are giving up their cars. This month we looked at the cost of a parking spot. For a two-bedroom unit, the average rental increase for parking is $300 per month. Also 80% more units were leased with parking than without in the two-bedroom category. For investors, parking only becomes critical for larger units. But do the math. The breakeven cost for parking is about $60,000 max.