As the second wave of COVID-19 and subsequent lockdowns rage on, confidence in renting in Toronto’s downtown core continues to “erode,” according to a new rent report. However, residents are still looking for rental units in downtown, where rents have declined by as much as 15% to 17% annually.

This week, TorontoRentals.com and Bullpen Research & Consulting Toronto released their monthly GTA Rent Report, which revealed that the average rent in the GTA was down for the 11th straight month, with rent for all property types taking a dive of more than 13% in October to land at $2,122.

According to the report, one-bedroom suites were down 12% last month, while two-bedroom units fell 10%. What’s more, condo rentals have been steadily declining from August of 2019 to October 2020 — a 16% drop from last year’s peak rent level. On average, a tenant looking to lease a condo paid $400 less in October of this year compared to the same month in 2019.

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