March 2020 Toronto Rent Prices
Let’s take a look at Toronto rent trends 2020 for March. Rental rates continued to dip in March but we predict they will stabilize as we move into the spring market.
Toronto Furnished vs. Unfurnished Rentals
What is the average rent in Toronto? The highest average rent in Toronto for an unfurnished one bedroom apartment is $1,847 (down slightly from February’s $1,888) while the average rent in Toronto of a furnished apartment also decreased to $1,934 from February’s $1,986.
>> Recommended Reading: Should you rent furnished or unfurnished?
Neighbourhood Breakdown
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.
Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,563 (down from February’s $1,633) while the highest average 1 bedroom rent in the GTA for a similar home in March was in Downtown Toronto at $2,161 (down from February’s $2,252).
Most Expensive Cities in Canada
Average cost of living in Toronto continues to be the highest in Canada in a city by city comparison.
Vancouver comes in at a close second, with the average reported rent of $1,742 as of March. There are many similarities, and differences between the two most popular and expensive cities in Canada. Check out our article on the cost of living comparison between Vancouver and Toronto here.
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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See last month’s Rent Reports:
February 2020 Vancouver Rental Report
February 2020 Toronto Rental Report
February 2020 Montreal Rental Report
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