February 2022 Toronto Rent Report

The Greater Toronto Area’s rental averages have rebounded this month after January saw a massive dip across the region. Downtown and Etobicoke were mostly responsible for this significant increase, though, on the aggregate, most GTA cities have seen considerable price increases since last month.

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Let’s take a look now at the latest data and see which neighbourhoods are experiencing the most change in furnished and unfurnished rental rates.

Jump to the following Toronto Rent Report sections:

Toronto rent trends

Following January’s unexpected decline, rental averages for one-bedroom unfurnished apartments in the GTA have returned to well above their December highs. Across the Greater Toronto Area, the average rent for unfurnished, one-bedroom units increased $112 from January – signalling that January’s steep drop may have been an anomaly, after all.

Month-to-month rent change

This chart breaks down the percentage change in rent across all GTA GTA cities/municipalities from January 2022 to February 2022.

Unfurnished Toronto rent trends

Unfurnished rental prices saw some major fluctuations for February 2022. Most notably, rent in Etobicoke increased a huge +22.23% for unfurnished, one-bedroom units. This now makes it the most expensive GTA neighbourhood in February for unfurnished units, although Downtown Toronto saw increases of its own, with one-bedroom, unfurnished units adding an average of +4.57% in rent price.

Furnished Toronto rent trends

While unfurnished units primarily increased in price this month, furnished units were less predictable for February. Steep declines in areas like Vaughan-Richmond Hill (-18.02%) and Markham (-9.37%) were matched by equally notable increases in rental average in cities like Etobicoke (+13.38%) and North York (+12.19%).

Toronto furnished vs unfurnished averages

We’re continuing to closely monitor the price difference in GTA rental trends, looking at the price difference between furnished and unfurnished units. Once again, we’re seeing that furnished one-bedroom units are cheaper on average than their unfurnished counterparts – with the latter more affordable by $56 this February.

City breakdown

Brampton holds onto its title as the most affordable GTA municipality while Etobicoke now has the highest average rent for a one-bedroom, unfurnished unit this February after overtaking Downtown Toronto.

With rental prices falling across the board this month, an unfurnished one-bedroom unit in Brampton can now be had for an average of $1,544. In Etobicoke, the same type of unit will now cost renters an average of $2,145 per month.

Because Ontario’s different communities are so diverse, we’re breaking down the GTA into its different cities and municipalities to see the price difference within listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

• Downtown Toronto rent has made significant increases this month, with unfurnished, one-bedroom units up $83 from last month to now sit at $1,910. This is still well below the area’s December highs.
• Rent for unfurnished, one-bedroom units is now cheaper than the average for furnished units in many GTA cities & municipalities – including Scarborough, Markham, Mississauga, Brampton, and Vaughan-Richmond Hill.
• An unfurnished, two-bedroom unit in Etobicoke now costs $40 less than a one-bedroom unit, on average.

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these additional cities, Oshawa had the most affordable rent for an unfurnished one-bedroom unit, at $1,578, while Oakville had the most expensive at $1,895.

Our complete February 2022 Rent Report has information on even more key areas, broken down into region and unit type for a more complete overview of rental averages in Ontario. To view these and all the other new information we’ve added, be sure to download your copy of the Rent Report here.

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Renting in Ontario

For information on renting in Ontario, refer to these comprehensive resource posts:

• What’s A Standard Rental Application?
• What do you need when applying for a rental?
• What Can A Landlord Ask For On A Rental Application In Ontario?
• How Do I Fill Out A Rental Application?
• Ontario Standard Lease Explained
• Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario

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

January 2022 Toronto Rent Report
January 2022 Vancouver Rent Report
January 2022 Montreal Rent Report