January 2025 Toronto Rent Report

At a glance

• Average rents in Toronto are down $120/month YoY
  • As of January 2025, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $120 to a new monthly average of $2,149 this month. Compared to last month, the average rent price for an unfurnished one-bedroom unit in Toronto dropped by $12/month.
• Etobicoke stands out as the most expensive area per square foot at $4.07/sq. ft.
  • This January, Etobicoke ($4.07/sq. ft.) has the most expensive average rent per square foot, followed by Downtown ($3.92/sq. ft.) and North York ($3.75/sq. ft.). The cheapest areas are Mississauga ($2.54/sq. ft.), Brampton ($2.76/sq. ft.) and Vaughan-Richmond Hill ($2.89/sq. ft.)
• Apartments dominate the GTA rental landscape making up 77.14% of all listings
  • As of January 2025, apartments made up 77.14% of GTA rental listings. Houses were the second-most common unit type this month, representing 10.18% of active listings, followed by partial houses at 9.29%, which include options like basement suites and other subdivided units. In terms of bedrooms, two-bedroom units were the most common (accounting for 45.17% of listings), followed closely by one-bedroom units at 44.20%, while three-bedroom units made up the remaining 10.63%.

As of January 2025, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $120 to a new monthly average of $2,149 this month.

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 by $12 this January. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has decreased, dropping by $120 since January 2024.

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 December 2024 and January 2025.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. When looking at one-bedroom units, Brampton saw the largest increase at (+4.95%) while Downtown saw the largest decrease at (-2.69%).

Furnished Toronto rent trends

This month, average rates for furnished one-bedroom units in the GTA saw two major changes. Markham saw the largest month-to-month increase at (+12.04%), while Downtown saw the largest decrease at (-4.84%).

Toronto furnished vs unfurnished averages

This January, prices for unfurnished one-bedroom units saw a (-0.59%) decrease while furnished units saw a (+0.65%) increase. The average one-bedroom furnished unit rents for just $4 more than a one-bedroom unfurnished unit. This means that at present, landlords won’t see profits renting out their units furnished – although they may still be able to capitalize on the demand for short-term rentals.

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 January, Etobicoke ($4.07/sq. ft.) has the most expensive average rent per square foot, followed by Downtown ($3.92/sq. ft.) and North York ($3.75/sq. ft.).

Active listing data

We’ll also look at detailed statistics for currently active listings available 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 January 2025, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 77.14%. Houses were the second-most common unit type this month, representing 10.18% of active listings.

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 January. Two-bedroom units were the most common type of listing in the GTA this month at 45.17%, while one-bedroom units represented 44.20% of the region’s active listings. Three-bedroom units make up the remaining 10.63%.

Looking for our full January 2025 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This January, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown 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 $1,710, while in Downtown, the same type of unit rents for an average of $2,301 – a difference of $591 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.
• North York saw prices decrease across all types of furnished units.
• Downtown Toronto had the highest average rental prices for all types of furnished and unfurnished units.

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 January for all types of unfurnished units. 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 January, one of the country’s five most expensive cities are located in the GTA. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Richmond and Markham.

Downloadable resources

Our complete January 2025 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