Toronto Rental Trends
This month we take a look at the state of the rental market in Greater Toronto based on September’s figures. September rental rates increased ever-so-slightly as predicted in our August post and the forecast for October predicts some additional upward pressure on rates.
Toronto Furnished vs. Unfurnished Rentals
The average rent for an unfurnished one bedroom apartment in September increased slightly to $1,844 from August’s $1,839. The average cost of a furnished apartment crept up slightly from August to $2,178.
Highest vs. Cheapest Rent in Greater Toronto Area
Mississauga continues to have the lowest average rent for a 1 bedroom unfurnished unit at $1,687, down from August’s $1,703 while the highest average rent for a similar home in September was in Downtown Toronto at $2,061 (up slightly from August’s $2,055).
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 – August 2019 Snapshot.
Want to compare? Check out the latest Vancouver Rental Stats – September 2019 Snapshot.
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