October 2020 Toronto Rent Report
With fall in full swing and the global pandemic still top of mind, we take a closer look at the reported average rent prices for the month of October across the Greater Toronto Area. Based on data gathered from numerous listing websites and our own liv.rent platform, our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike.
Jump to the following Toronto Rent Report sections:
October 2020 Toronto Rent Trends
Here we take a look at the average rent of a 1 bedroom, unfurnished apartment over a 6-month period. The drop in rental rates seems to have slowed after months of downward pressure.
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Month-to-Month Rent Change
Below, we show the percentage change in average rent from September to October’s figures. While there is slightly less volatility in unfurnished rental rates, a downward trend in the GTA persists, especially in the North York region and in the furnished rental category. Where last month only saw a 0.84% decrease, there has been a 8.24% drop in North York’s rates. Vaughan/Richmond Hill, continues to have the highest increase in furnished rental rates at 2.64%, a slight drop from last month’s 4.58%.
Toronto Furnished vs. Unfurnished Averages
What is the average rent in Toronto? The average rent in Toronto for an unfurnished one-bedroom apartment is $1,737, down just one dollar from September’s $1,738. The average rent in Toronto of a furnished apartment decreased more dramatically, to $1,748 from September’s $1,786.
As with every other month this year, Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,480, climbing from September’s $1,456. While the highest average 1 bedroom rent in the GTA for a similar home in October was in Downtown Toronto at $2,000, down slightly from September’s $2,006.
To assist you further 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.
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Average Rent in Canada
The average rent in Toronto continues to be the highest in Canada in a city by city comparison – $1,773, based on 1 bedroom unfurnished rates.
Vancouver comes in second, with the average reported rent of $1,660 in October. There are many similarities and a few key differences between the two most popular and expensive cities in Canada. Read our article on the cost of living comparison between Vancouver and Toronto to get a better understanding of both cities.
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Rethink The Way You Rent
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For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts. They include information on the various federal and provincial assistance initiatives available to help support landlords (small business relief) and tenants (rent relief):