Toronto Rental Stats – May 2019 Snapshot

Toronto Rental Stats May 2019 - Average Rental Prices - Renter demographics - Renter Market

Toronto Renter Stats – Trends

This month we take a look at the state of the rental market in Greater Toronto based on May’s figures.  Overall, renters saw some relief last month with many neighbourhoods posting decreases in rental rates. Only Vaughan/Richmond Hill saw an increase – a sizeable one at that (8.3%). Below is a breakdown of the Toronto rental stats for May 2019.

Toronto Rental Market Trends - Rent Increase From April

Furnished vs. Unfurnished Rentals

The average rent for an unfurnished one bedroom apartment in May was down from April’s $1,801 to $1,762. The average cost of a furnished apartment, however, crept upwards to $2,064 from April’s $1,862.

Average Rental Prices in Toronto - furnished vs. Unfurnished

Highest vs. Cheapest Rent in Toronto

Taking the honors away from April’s bargains in Mississauga, Vaughan/Richmond Hill boasted the lowest average rent for a 1 bedroom furnished unit at $2,100 (up from $2,000 in April) in May, despite also experiencing the largest month over month increase in rent. The highest average rent for a similar home in May was in Downtown Toronto at $2,383 (down slightly from April’s $2,467) .

 

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 Vancouver Rental Stats – May 2019 Snapshot.

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