August 2024 Toronto Rent Report

At a glance

• Toronto experiences YoY drop in rental prices
  • The City of Toronto saw a YoY decline in rental prices for all unit types. Additionally, search volume for rentals in Toronto has stagnated over the summer, showing no increase in searches for “apartments for rent” and “houses for rent” over the past three months. The combined factors of reduced demand and a temporary spike in condo completions may be contributing to the YoY rental price drop in the City of Toronto.
• Furnished units are driving the YoY rental price decline in Toronto
  • Despite a month-to-month increase of 3.53% for a furnished one-bedroom (July 2024 vs Aug 2024), furnished units in the City of Toronto are experiencing a YoY rental price decline. Over the past eight months, furnished one- and two-bedroom units have seen a YoY rental price drop every month.
• Cities outside the GTA see rising rent prices
  • Cities like Hamilton, London, Niagara Falls, and St. Catharine’s saw a YoY increase in rent prices this month. Furthermore, over the past three months, search volume for “condos for rent” in Hamilton, London, and Niagara Falls have risen by +23%, while St. Catharine’s saw a +24% increase in searches for “houses for rent”.

We’re giving away $5,000 this month, don’t miss your chance to enter!

As of August 2024, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $98 to a new monthly average of $2,220 this month.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

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.

Toronto rent trends

Compared to last month, the average rent price for an unfurnished one-bedroom unit in Toronto dropped slightly by $8 this August. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has also decreased, dropping by $98 since August 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2025/2026 is 2.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to Ontario Rent Increases.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between July and August 2024.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. When looking at one-bedroom units, Scarborough saw the largest increase at (+1.73%) while Etobicoke saw the largest decrease at (-1.77%).

Furnished Toronto rent trends

Average rates for furnished one-bedroom units in the GTA saw two major changes this month. The largest month-to-month increase was seen in Scarborough at (+5.61%) while Brampton saw the largest decrease at (-9.16%).

Toronto furnished vs unfurnished averages

This August, prices for furnished one-bedroom units saw an increase, while rates for unfurnished one-bedroom units dropped slightly. The average one-bedroom furnished unit rents for $32 less than a one-bedroom unfurnished unit. This means that at present, landlords are unlikely to see significantly higher profits renting out their units furnished – although they may still be able to capitalize on the demand for short-term rentals. With such high rents a little help can go a long way, don’t miss your chance to enter our $5,000 rent giveaway, the deadline is closing soon!

Rent per square foot

Our monthly Rent Reports also look more closely at the average rent per square foot in cities throughout the Greater Toronto Area. This August, Downtown Toronto ($4.05/sq. ft.) has the most expensive average rent per square foot, followed by North York ($3.53/sq. ft.) and Vaughan-Richmond Hill ($3.43/sq. ft.).If you want some help paying your rent make sure you enter our $5,000 giveaway, deadline closing soon!

Active listing data

We’ll also look at detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Greater Toronto Area, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

As of August 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 88.89% increasing from 83.08% last month. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 7.94% of active listings, down from 10.20% last month.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this August. Two-bedroom units were the most common type of listing in the GTA this month at 44.70%, while one-bedroom units represented 43.04% of the region’s active listings. Three-bedroom units make up the remaining 12.27%.

Looking for our full August 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This August, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown Toronto is the region’s most expensive place to rent this month.

The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,794 up $70 on last month, while in Downtown Toronto, the same type of unit rents for an average of $2,399 down $29 on last month – a difference of $605 between the two.

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.

• Brampton had the lowest average rental rates for all types of unfurnished units for the third month in a row.
• Prices decreased for all types of unfurnished units in both Brampton and Vaughan-Richmond Hill this month.
• Downtown Toronto has the highest rent prices for all types of furnished and unfurnished units this month.

Rental averages for other Ontario cities

We’ve also looked at data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, London is the least expensive to rent in this August for all types of unfurnished units. While Downtown Toronto is the most expensive for all types of unfurnished units.

For complete data on these cities as well as other municipalities outside of the Greater Toronto Area, download our full report here to view the complete report.

Most expensive cities in Canada

This August, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Downloadable resources

Our complete August 2024 Rent Report has information on even more key areas, broken down into region and unit type for a 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.

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

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

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report