April 2020: What’s happening in the Toronto rental market?
April 2020 Toronto Rent Prices
This month, we take a closer look at what the reported average rent prices for the month of April are across the Greater Toronto Area. They will be the first set of figures collected since the COVID-19 pandemic began. Toronto saw a slight uptick in rental rates in April.
Month-to-Month Rent Change
Below we show the percentage change in average rent from March to April’s figures. The biggest decrease was in Downtown Toronto where rent for furnished listings has gone down by 2.29% while Vaughan/Richmond Hill saw a 4.25% increase in rates for furnished apartments.
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 $1873 up slightly from March’s $1,847 while the average rent in Toronto of a furnished apartment also increased to $1,947 from March’s $1,934.
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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 $1,600 (up from March’s $1,563) while the highest average 1 bedroom rent in the GTA for a similar home in March was in Downtown Toronto at $2,210 (up from March’s $2,161).
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 $1,678 as of April. 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:
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