Toronto Rental Trends
This month we take a look at the state of the rental market in Greater Toronto based on November’s figures. Rental rates increased over November and we predict continued upward pressure on rates moving into December.
Toronto Furnished vs. Unfurnished Rentals
The highest average rent in Toronto for an unfurnished one bedroom apartment in November slightly increased to $1,851 from October’s $1,845 while the average rent of a furnished apartment in Toronto increased to $2,204 from October’s rate of $2,166.
Highest vs. Cheapest Rent in Greater Toronto Area (GTA)
Mississauga continues to have the lowest average rent in the GTA for a 1 bedroom unfurnished unit at $1,724 (up slightly from October’s $1,703) while the highest average 1 bedroom rent in the GTA for a similar home in November was in Downtown Toronto at $2,102 (up slightly from October’s $2,055).
To assist you in your rental decision, here is a breakdown of rental averages across other neighbourhoods in the GTA. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.
Here is the full Toronto rent report for you to save and reshare with ease:
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 – October 2019 Snapshot.
Want to compare? Check out the latest November Vancouver Rent Report.
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