liv.rent's May 2022 rent report for the Greater Toronto Area - statistics, data and more

May 2022 Toronto Rent Report

  • The average rental price for one-bedroom unfurnished units in the Greater Toronto Area has climbed another $29, to $1,805 in May 2022.
  • It’s now $418 more expensive to rent an unfurnished, one-bedroom unit in Downtown Toronto than in Brampton, on average.
  • On average, it is now $68 less expensive to rent a furnished, one-bedroom unit in the GTA than an unfurnished unit.

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.

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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.

rental trends for unfurnished one-bedroom units in the Greater Toronto Area via the May 2022 liv rent report

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Month-to-month rent change

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

percentage change in rental prices for different cities and municipalities in the Greater Toronto Area, via the May 2022 liv rent report

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 VaughanRichmond 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.

average rent for furnished vs unfurnished units in the Greater Toronto Area for the May 2022 liv rent report

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.

city breakdown - highest and lowest rent by city in the Greater Toronto Area for the May 2022 liv rent report

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.
average rent for unfurnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the May 2022 liv rent report
average rent for furnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the May 2022 liv rent report

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.

average rent by municipality or city outside of the Greater Toronto Area via the May 2022 liv rent report

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.


Is your rental priced competitively?

Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.



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Renting in Ontario

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April 2022 Toronto Rent Report
April 2022 Vancouver Rent Report
April 2022 Montreal Rent Report

Greg Park, B.A.

Creative Content Writer at liv.rent

Greg Park is a Creative Content Writer here at liv.rent who shares insights and news with our community of landlords and tenants. [Read Full Bio]

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