April 2023 Toronto Rent Report

At a glance

• The average monthly rent for an unfurnished, one-bedroom unit in Toronto has increased for the third straight month, up $23 this April.
• This April, furnished, one-bedroom units cost $346 more than unfurnished, one-bedroom units on average.
• Downtown Toronto ($3.93/sq. ft.) barely edges out Vaughan-Richmond Hill ($3.92/sq. ft.) for the most expensive rent per square foot in the Greater Toronto Area this month.

Looking for our full April 2023 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Toronto’s average rent prices have risen this April, marking three months of consecutive increases. This month, the GTA’s monthly average rental rate for an unfurnished, one-bedroom unit has increased by $23, bringing the region’s average price to $2,236. Although Canada’s interest rate increases have stopped for the time being, consistently high demand for rental housing seems to be keeping rent prices high practically across the country.

We’ve recently published our 2022 Canada-wide Annual Rent Report with even more rental data and statistics, including overarching trends 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

The average rent price for an unfurnished, one-bedroom unit in Toronto has increased for the third month in a row. This April, average prices for this type of unit rose by $23 from month to month despite the Bank of Canada temporarily halting their interest rate increases and providing cautious optimism for the months ahead. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by a staggering $460 since April 2022.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2023 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 across all GTA cities/municipalities between March and April 2023.

Unfurnished Toronto rent trends

In terms of unfurnished units, there were comparatively few large changes this month within the GTA’s various municipalities, though notably there were no month-to-month declines. Scarborough (+5.00%) had the most significant increase, followed by North York (+4.47%), Markham (+2.62%), and Brampton (+2.30%). Prices barely moved in Downtown Toronto this month, increasing by just 0.21%.

Furnished Toronto rent trends

Average rent prices for furnished units in the GTA’s various municipalities also increased across the board this month. North York (+14.01) had the most significant increase, followed by Markham (+8.96%) and Etobicoke (+8.22%).

Toronto furnished vs unfurnished averages

With the average rent for one-bedroom, furnished units increasing by 7.24% this month, furnished rental units are now significantly more expensive than unfurnished units. This April, furnished, one-bedroom units cost $346 more than unfurnished, one-bedroom units on average – which is slightly above the difference we’ve seen in the past.

This means that landlords choosing to rent their units furnished can expect to earn more profits over time, particularly if they decide to rent their units on a short-term basis. Renters who bring their own furniture can still find significant savings in the GTA.

Rent per square foot

New for 2023, our monthly Rent Reports will look more closely at average rent per square foot in municipalities throughout the Greater Toronto Area. This April, Downtown Toronto ($3.93/sq. ft.) barely edges out Vaughan-Richmond Hill ($3.92/sq. ft.) for the most expensive rent per square foot, while Markham ($1.68/sq. ft.) has the least expensive costs for space on average, by quite a wide margin.

Active listing data

Also new for 2023, we’ll be looking 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

For April 2023, the most common rental property type by far was apartments, representing a whopping 89.53% of active listings on the market. Partial Houses (e.g. basement suites) and Townhouses were tied for the second-most rented unit type this month, at 4.71% of active listings apiece.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a much more even spread across active listings on the market this month. One-bedroom units were the most common type of listing this month at 50.13%. Two-bedroom units fell slightly in popularity this month, though they still represented 36.01% of active listings on the rental market.

City breakdown

This April, Oshawa is the cheapest GTA municipality, while Downtown Toronto unsurprisingly remains the most expensive.

The average price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,656, while in Downtown Toronto, the same type of unit goes for $2,413 – a difference of $757.

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.

• Scarborough had the least expensive three-bedroom, unfurnished units this April.
• Downtown Toronto had the most expensive average rent prices this month for all unit types except two-bedroom, furnished units.
• Average monthly rent prices increased for all types of units, furnished and unfurnished, in Mississauga, North York, and Scarborough.

Rental averages for other Ontario cities

We’ve explored data from other cities and municipalities in other regions within and surrounding the GTA. For these additional cities, Niagara Falls is the least expensive to rent in this April at $1,525 for an unfurnished, one-bedroom unit, while Oakville is the most expensive at $2,293 – although Downtown Toronto still has the region’s highest average rent prices by quite a bit.

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.

Our complete April 2023 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.

Downloadable resources

Make a splash at your next video meeting and rep the latest rental averages and trends with our custom virtual backgrounds — always free to download. 

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

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

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

March 2023 Metro Vancouver Rent Report
March 2022 Toronto Rent Report
March 2023 Calgary & Edmonton Rent Report
March 2023 Montreal Rent Report