Toronto Renter Stats – Trends
This month we take a look at the state of the rental market in Greater Toronto based on June’s figures. Overall, renters saw some relief last month with many suburban neighbourhoods posting decreases in rental rates. Only Downtown and Vaughan/Richmond Hill saw an increase. Below is a breakdown of the Toronto rental stats for June 2019.
Furnished vs. Unfurnished Rentals
The average rent for an unfurnished one bedroom apartment in June was down from May’s $1,598 to $1,598. The average cost of a furnished apartment dropped slightly too from May’s $2,064 to $2,041.
Highest vs. Cheapest Rent in Greater Toronto Area
Mississauga once again posted the lowest average rent for a 1 bedroom furnished unit at $1,166 (down from May) and the highest average rent for a similar home in June was in Downtown Toronto at $1,966 (down considerably from May’s $2,383).
Remember though, despite paying premium rates to live in Toronto’s downtown core, tenants are saving in other ways, primarily, on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
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For more rental stats, read our previous post, Toronto Rental Stats – May 2019 Snapshot.
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