The rental side of the condo real estate market continues show strong sings of growth. In January we saw 569 new rentals; 19 studios were rented at an average prices $1400 a month. The most popular rentals were one bedroom units with no parking. There were just under 400 of these units rented in January at an average prices of $1600. Each of these units stayed on the market for an average of 24 days. Second in popularity were one bedroom units with parking and a den. These units were rented for an average of $1800 per month. In the downtown area there is roughly a fifty-fifty split between one bedroom apartments with or without parking. The increased interest in downtown living has led to more residents being willing to go carless and rely on public transportation.
Larger two-bedroom units saw rentals in the area of 150 units. These units had an average rental price of just over $2,000. For units with parking and a den the rates raise to roughly $2,800. This time of year typically sees a slight fall in rental rates, expect to see rental rates climb as we get closer to spring.