May 2020 Toronto Rent Prices
This month, we take a closer look at what the reported average rent prices for the month of May are across the Greater Toronto Area. These are the first set of figures collected for a complete COVID-19 pandemic period and a downward trend in rental rates is evident.
Month-to-Month Rent Change
Below we show the percentage change in average rent from April to May’s figures. The biggest decrease was in North York where rent for unfurnished listings has dropped by 7.99% while Brampton saw a 3.4% increase in rates for unfurnished rentals.
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 $1,784 down from April’s $1,873 while the average rent in Toronto of a furnished apartment also decreased to $1,850 from April’s $1,947.
RECOMMENDED POST: Coronavirus (COVID-19) Canada – Update For Landlords and Tenants
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 $1,654 (up from April’s $1,600) while the highest average 1 bedroom rent in the GTA for a similar home in May was in Downtown Toronto at $2,056 (down from April’s $2,210).
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 May. 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.
COVID-19 Resources
For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts for landlords and tenants. They include information on the various federal and provincial assistance initiatives available to help support landlords (small business relief) and tenants (rent relief):
- Coronavirus (COVID-19) Canada – Support For Landlords
- Coronavirus (COVID-19) Rent Relief Canada
- Coronavirus (COVID-19) Canada – Update For Landlords and Tenants
- Coronavirus (COVID-19) Canada – Resources for Landlords and Tenants
Here is the full Toronto rent report for you to save and reshare with ease:
Be sure to subscribe to our mailing list for all future updates on the Toronto rental market 2020.
Compare to other cities’ May Rent Reports:
May 2020 Vancouver Rent Report
See last month’s Rent Reports:
April 2020 Vancouver Rental Report
April 2020 Toronto Rental Report
March 2020 Montreal Rental Report
Find your next home with liv.rent, your rental companion.
With verified listings and landlords, avoid rental scams & save time with digital applications and contracts.
Sign up here.
0 Comments