[URBAN NOTE] "Price to rent a Toronto apartment up by $300+ in last six months"

[rfmcdonald]

What can be said but that this news, reported by blogTO's Derek Flack, is utterly terrifying?

Rental rates for Toronto apartments have skyrocketed over the last six months. With a housing market that's smashed records over the past year, it's little surprise that the cost to rent is also ballooning at an alarming rate.

According to data collected by apartment listings site PadMapper, the median cost of a one bedroom apartment in Toronto has gone up almost 24 per cent over the last six months, climbing from $1,310 in September 2016 to $1,620 this February.

For two bedroom apartments, the median price was $1,680 last September, while it's now $2,060. This represents an all-time high according to the company's statistics.