Toronto Rental Trends
This month we take a look at the state of the rental market in Greater Toronto based on August’s figures. August rental rates dipped slightly downward but the forecast for September predicts some upward pressure on rates.
Toronto Furnished vs. Unfurnished Rentals
The average rent for an unfurnished one bedroom apartment in August down slightly from July’s $1,844 to $1,839. The average cost of a furnished apartment crept up slightly from July to $2,171.
Highest vs. Cheapest Rent in Greater Toronto Area
Mississauga reclaims its spot for the lowest average rent this month for a 1 bedroom unfurnished unit at $1,703 while the highest average rent for a similar home in August was, as expected, in Downtown Toronto at $2,055 (down from July’s $2,432).
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 – July 2019 Snapshot.
Want to compare? Check out the latest Vancouver Rental Stats – August 2019 Snapshot.
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