Toronto Rental Trends
This month we take a look at the state of the rental market in Greater Toronto based on June’s figures. Last month, renters saw some relief with many suburban neighbourhoods posting decreases in rental rates; however, July demonstrates a reversal of that trend except in Downtown Toronto where it did dip.
Toronto Furnished vs. Unfurnished Rentals
The average rent for an unfurnished one bedroom apartment in July was up from June’s $1,598 to $1,844. The average cost of a furnished apartment crept up slightly too from June to $2,144.
Highest vs. Cheapest Rent in Greater Toronto Area
North York beats Mississauga for the lowest average rent this month for a 1 bedroom furnished unit at $2,092 (up from June’s $1,598) and the highest average rent for a similar home in July was in Downtown Toronto at $2,432 (compared to June’s $2,041).
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 – June 2019 Snapshot.
Want to compare? Check out the latest Vancouver Rental Stats – July 2019 Snapshot.
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