The Cost of Renting in Toronto
Competition in the city is real.
In addition to having a budget in mind, it’s also important to know the average cost of rent in the city. Knowing on average how much it costs to rent in Toronto per property type can help you make informed decisions on what type of rental property you can afford without stretching yourself beyond your means.
The cost of renting an apartment in Toronto varies by:
Location
Certain locations/neighbourhoods yield higher demand, which will increase the cost of rent. Locations with higher walking-scores will also impact the cost of rent.
Rental Type
Rental type goes hand-in-hand with size. The bigger the unit, the more expensive the rent.
Apartment Floor
The rental price can vary depending on the floor the unit is located on. The higher up you go, the more expensive the rent will be.
Amenities
Cost of renting also depends on which amenities come with the rental property. Amenities can range from a gym, reading room, games room, pool, and more.
According to the Toronto Real Estate Board, the official average monthly prices for rental apartments and condos at the end of 2019 were:
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