- The average rental price for one-bedroom unfurnished units in the Greater Toronto Area has risen $31 to $2,010 this September
- It now costs $678 more to rent in the Greater Toronto’s most expensive municipality vs. its least expensive.
- The average price of furnished, one-bedroom units in Markham has increased +35.21% since August.
Heading into the fall, the Greater Toronto Area’s average rent prices have risen another $31. The busy summer renting season combined with rising interest rates has seen rental averages skyrocket in Metro Vancouver as well, so it’ll be interesting to see what the remainder of 2022 holds for Canada’s key rental markets.
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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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Toronto rent trends
This September, the Greater Toronto Area’s average rent for an unfurnished, one-bedroom unit has risen $31, to a new yearly high of $2,010. This is now the sixth consecutive month in which the GTA’s rental averages have increased, with the only decline since the start of the year coming in March. We’ll continue to monitor price trends heading into the less busy fall and winter renting months, although further increases to Canada’s interest rates could see prices remain high through the remainder of 2022.
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Month-to-month rent change
This chart breaks down the percentage change in rent across all GTA cities/municipalities from August to September 2022.
Unfurnished Toronto rent trends
For unfurnished units, average rent prices in the GTA’s individual municipalities held relatively steady this September. Downtown Toronto was surprisingly the biggest mover month-to-month, with a +6.46% increase, with other somewhat notable changes in Markham (-2.80%), North York (+2.76%), and Scarborough (+1.88%).
Furnished Toronto rent trends
Furnished units saw much larger changes this September on the whole. Markham‘s average rent price for a furnished, one-bedroom unit climbed a staggering +35.21%, while Scarborough (+11.08%) and North York (+10.47%) also experienced larger than usual increases from month to month. The only decline in price to speak of was in Vaughan–Richmond Hill, which has seen a -9.49% decrease since August.
Toronto furnished vs unfurnished averages
This September, furnished rentals have once again become significantly more expensive than unfurnished rentals on average. At present, furnished one-bedroom units cost $245 more than unfurnished units, on average – which is more in line with what we’re used to seeing. This means that landlords choosing to rent their units furnished can expect to earn more profits over time, particularly if they choose to rent their unit on a short-term basis. Renters who bring their own furniture can still find significant savings in the GTA.
City breakdown
Brampton is still the cheapest GTA municipality in September 2022, while Downtown Toronto retains its status as the most expensive.
The average price for an unfurnished one-bedroom unit in Brampton has dropped to $1,697 from month-to-month, while in Downtown, the same type of unit goes for $2,375, a difference of $678.
Read More: Rental Vacancy Rates In The City Of Toronto
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 had the most expensive average rent prices for one-, two- and three-bedroom unfurnished units this September.
- Furnished, one-bedroom units were less expensive than their unfurnished counterparts in Brampton, Vaughan-Richmond Hill, Mississauga, and Scarborough.
- Furnished, three-bedroom units are most expensive in Etobicoke – where they rent for an average of $4,492 per month.
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 was the cheapest to rent in this month at $1,685 for an unfurnished, one-bedroom unit, while Oakville was the most expensive at $2,076.
Our complete September 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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Download The Latest Toronto Rent Report
For the complete Toronto rent report, download here.
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
Data collection methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
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Subscribe to receive these monthly updates on the Toronto rental market. Discover last month’s Rent Reports below:
August 2022 Toronto Rent Report
August 2022 Vancouver Rent Report
August 2022 Montreal Rent Report
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