May 2022 Toronto Rent Report

Average rental prices in the Greater Toronto Area have climbed slightly again this May, up a further $29 from last month. While some cities and municipalities across the GTA saw significant price hikes and drops for both furnished and unfurnished units, the majority held relatively stable as we head into peak renting season.

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

Jump to the following Toronto Rent Report sections:

Toronto rent trends

Heading into the busy renting season, the GTA’s average rental price for an unfurnished, one-bedroom unit is now just above the $1,800 mark, at $1,805 this May. While this $29 increase is not insignificant, it’s a far cry from the $108 increase we saw in Metro Vancouver this month.

Month-to-month rent change

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

Unfurnished Toronto rent trends

Compared to this past winter’s volatility, the average price of unfurnished units remained mostly unchanged this May. Month-to-month, the largest changes were a +8.11% increase in Etobicoke, and minor shifts in Scarborough (+3.56%) and Markham (-3.46%). In other areas like Brampton (-0.03%) and Vaughan–Richmond Hill (+0.52%), prices barely flinched. Downtown Toronto‘s average rental prices were notably stable this month, with a very slight -0.23% decline.

Furnished Toronto rent trends

Furnished units were much more unpredictable this month. The number that catches the eye right away is Markham‘s +49.94% increase, which was expected on some level after last month’s -24.08% decline in the city. Though not as significant, Scarborough saw a +12.10% increase, and Etobicoke‘s average prices rose +9.25% while Mississauga’s fell -6.60%. In Downtown Toronto, the average price for furnished, one-bedroom units fell -6.28%.

Toronto furnished vs unfurnished averages

We’ve noticed an interesting trend emerge in the GTA over the past few months when comparing the price of furnished and unfurnished rental units, and it looks to be continuing through May. Once again, furnished units were notably cheaper than unfurnished ones this month, with the latter now an average of $68 cheaper.

City breakdown

Brampton is once again the cheapest GTA municipality, while Downtown Toronto retains its status as the most expensive.

The average price for an unfurnished one-bedroom unit in Brampton has fallen just $1 month-to-month and now sits at just $1,622. In Downtown, the same type of unit goes for $2,040, a difference of $418.

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 has the most expensive one-, two- and three-bedroom unfurnished units this month.
• Interestingly, Brampton had the cheapest one- and two-bedroom, furnished units, but the most expensive three-bedroom furnished units by far.
• Two-bedroom, furnished units are more expensive than three-bedroom ones in Downtown Toronto, at $3,161 compared to $2,939.

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these cities, Oshawa had the least expensive rent for an unfurnished one-bedroom unit, at $1,617, while Burlington had the most expensive at $2,100.

Our complete May 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 below.

Downloadable resources

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Renting in Ontario

For more 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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April 2022 Toronto Rent Report
April 2022 Vancouver Rent Report
April 2022 Montreal Rent Report