Toronto Rental Stats – May 2019 Snapshot
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%).
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.
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.