April 2021 Toronto Rent Report

We’re springing ahead into 2021 and this April we’re looking at the real cost of rent in Toronto. The city continues to see an overall decline in rent —vacancy is up and rental prices are down, making this an ideal time to be a renter and negotiate for a better deal.

However, this downturn might not be here forever. For example, in Vancouver, rents have already started to rebound. Could Toronto be next?

You can get the latest updates on the Toronto rental market straight to your inbox when you subscribe to keep on top of the trends while we continue to see the effects of COVID-19 on the rental industry.

Let’s take a closer look at the reported average rent prices for April across the Greater Toronto Area.

These numbers are based on data we gathered from our own liv.rent platform and other listing websites. This report and the rental trends we’ve identified will help both tenants and landlords to make informed and empowered decisions.

Jump to the following Toronto Rent Report sections:

April 2021 Toronto rent trends

Looking at the average rent for a one-bedroom unfurnished apartment in Toronto over a six-month period from November 2020 to April 2021, you can clearly see a slow decline in rent.

As we predicted for the Toronto rental market for 2021, there continues to be downward pressure pushing rents down as we move into the second quarter.

Month-to-month rent change

We’re going to see how rent has changed since March by looking at the exact percentage change month-over-month.

Furnished Toronto rent trends

Mississauga and Brampton saw furnished rentals go up significantly at +14.06% and +16.01% respectively. Conversely, it dropped in Downtown, North York, Etobicoke, and Markham.

Unfurnished Toronto rent trends

Unfurnished rent continues to climb in Brampton (+0.45%) and this month, it was joined by a modest increase in Scarborough (+1.27) as well.

In other neighbourhoods, unfurnished rent was modestly down across the board with the biggest drop (-2.01%) in rent in Markham.

Toronto furnished vs. unfurnished averages

We’ve seen an interesting change in the average rent in Toronto lately, namely that unfurnished rent dropped while furnished rent climbed.

An unfurnished one-bedroom apartment is $1,666 — that’s up $13 from March’s average. However, for a furnished unit, rent went up $48 from last month to $1,752.

Neighbourhood breakdown

The most inexpensive neighbourhood in the GTA is still Brampton where an unfurnished one-bedroom unit will cost on average $1,475 in monthly rent.

Downtown continues to be the most expensive place to rent a home. The average rent for a one-bedroom will set you back $1,786 — that’s down from last month when it was $1,809.

Let’s take a closer look across the entire GTA to see how rent is looking in each neighbourhood. The following charts compare the rental averages of one-bedroom, two-bedroom, and three-bedroom units, both for unfurnished and furnished listings in Toronto in April 2021.

Key takeaways:

• The cheapest three-bedroom apartments are in Scarborough
• The cheapest one and two-bedroom apartments are in Brampton
• The cost of a one-bedroom apartment in North York or Etobicoke is just $50 or so less than the same apartment downtown

Average rent in Canada

Vancouver continues to claim the title of the most expensive city to rent in Canada. The difference right now is small, but growing as Toronto rent drops.

Downloadable Resources

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Subscribe to receive these monthly updates on the Toronto rental market. Discover last month’s Rent Reports below:

March 2021 Vancouver Rent Report
March 2021 Toronto Rent Report
March 2021 Montreal Rent Report

COVID-19 Resources 

For information regarding COVID-19, refer to these 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):

• Coronavirus (COVID-19) Canada – Support For Landlords
• Tips for Moving During the COVID-19 Pandemic
• Renting: changes during COVID-19

Renting in Ontario

For information on renting in Ontario, refer to these resource posts about leases and evictions.

• Ontario Standard Lease Explained
• Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario