January 2024 Toronto Rent Report

At a glance

• The average monthly rent price for an unfurnished, one-bedroom unit in Toronto is now $2,269 this January, a $15 decrease from December
• Markham is now the most expensive place in the GTA to rent an unfurnished one-bedroom unit, with an average cost of $2,494/month
• The average price of a furnished one-bedroom unit in Toronto has decreased by -6.04%, now renting for $35 less than an unfurnished one-bedroom unit on average

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

Average monthly rent prices in Toronto have dropped again this January, for the fourth consecutive month. As of this month, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,269, a $15 decrease since December. In an announcement on December 6th, the Bank of Canada once again held the country’s interest rates at their current levels, which could play a part in stabilizing rental rates heading into the new year.

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

Average rent prices for unfurnished, one-bedroom units in Toronto have decreased for the fourth consecutive month, by $15 this January. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $190 since January 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2024 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 2023 and January 2024.

Unfurnished Toronto rent trends

Average rates for unfurnished, one-bedroom units in the GTA’s municipalities saw a number of notable changes. This month, the most significant month-to-month increases were seen in Vaughan-Richmond Hill (+5.16%) and Etobicoke (+2.16%). Prices for unfurnished one-bedroom units fell in many municipalities this month, with the biggest declines observed in Brampton (-8.91%), Downtown Toronto (-3.21%), and Scarborough (-3.09%).

Furnished Toronto rent trends

Looking at furnished units, the largest month-to-month increase was in Vaughan-Richmond Hill (+7.41%), with the most significant decline taking place in Markham (-11.82%).

Toronto furnished vs unfurnished averages

This January, prices for both furnished and unfurnished one-bedroom units fell. This month, the average one-bedroom, furnished unit rents for $35 less than a one-bedroom, unfurnished unit. This means that, at least during the slower winter renting season, landlords are unlikely to see significantly higher profits renting out their units furnished – although there is still some 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 municipalities throughout the Greater Toronto Area. This January, North York ($3.91/sq. ft.) has the most expensive rent in terms of cost per square foot, while Downtown Toronto ($3.86/sq. ft.) has a similarly high cost for space. This month, the least expensive average rent per square foot can be found in Vaughan-Richmond Hill ($1.71/sq. ft.).

Active listing data

We’ll also 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

As of January 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the vast majority of all listings in the area at a substantial 83.75%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 12.25% of active listings.

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 in the GTA this month at 60.66%, while two-bedroom units represented 27.24% of the region’s active listings.

City breakdown

This January, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Markham beats out Downtown Toronto as 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 $1,759, while in Markham, the same type of unit rents for an average of $2,494 – a difference of $735.

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.

• Markham has the most expensive average rent prices for unfurnished one-bedroom units, while Downtown Toronto has the highest rates for two- and three-bedroom unfurnished units.
• Downtown Toronto also had the highest average rent prices for one-, two-, and three-bedroom furnished units this month.
• Brampton had the lowest average prices for one- and two-bedroom unfurnished units, as well as all types of furnished units.

Rental averages for other Ontario cities

We’ve explored data from other 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 at $1,597/month for an unfurnished, one-bedroom unit, while Markham is the most expensive, at an average of $2,494 this month.

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.

Downloadable resources

Our complete January 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:

December 2023 Metro Vancouver Rent Report
December 2023 Toronto Rent Report
December 2023 Calgary & Edmonton Rent Report
December 2023 Montreal Rent Report