How Much Does Renting In Toronto Cost?
What you need to consider.
2 min read
When on the hunt for your next home having a budget in mind is great, however it's also essential to know the city's average rent cost. Rental properties within Toronto and its surrounding areas are highly sought after, making the demand high and supply low. Understanding on average how much it costs to rent in Toronto per property type can help you make informed decisions on what kind of rental property you can afford without stretching yourself beyond your means.
The cost of renting an apartment in Toronto varies by the following:
Location
Specific locations and neighbourhoods yield higher demand, which will increase the cost of the rent. Locations with higher walking-scores often mean many of the area's desired amenities are right around the corner, which will also impact the rent cost.
Rental Type
Rental type goes hand-in-hand with size. According to the Toronto Real Estate Board, the official average monthly prices for rental apartments and condos at the end of 2020 were:
Bachelor apartment- $1,767/month
1-bedroom apartment- $1,964/month
2-bedroom apartment- $2,598/month
3-bedroom apartment- $3,143/month
Remember, 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. Typically, 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 non-necessities to necessities and often include anything from a pool and gym to hydro and electricity.
No matter what you're looking for in a home, Toronto has something for everyone. Establishing a realistic budget will limit future financial risks and help make your home search that much more effective.
Reference
TRREB Rental Market Report [PDF]. (2021, January 27). Toronto: Toronto Regional Real Estate Board. https://trreb.ca/files/market-stats/rental-reports/rental_report_Q4-2020.pdf
Ultimate Guide: Toronto Rentals [PDF]. (2020, December 7). Toronto: Westhaven Rentals. https://park579630979.files.wordpress.com/2022/06/d3797-ultimate_guide_toronto_rentals.pdf
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