- The average rental price for one-bedroom unfurnished units in the Greater Toronto Area has risen slightly to $1,959 this July.
- Rent prices in Downtown Toronto have risen as well, to an average of $2,140 for an unfurnished, one-bedroom.
- Furnished, one-bedroom units across the Greater Toronto Area are now just $6 more expensive than unfurnished ones, on average.
Average rental prices in the Greater Toronto Area have increased slightly this July, up just $14 for one-bedroom unfurnished units compared to June. Prices have increased in nearly every GTA municipality this month, although just barely — nowhere near the drastic increases of May and June. We’ll examine these trends in more detail for both furnished and unfurnished units throughout this report.
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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
As we head deeper into the busy summer renting months, prices have levelled off slightly with minuscule increases from June’s average rent prices. The GTA’s average rental price for an unfurnished, one-bedroom unit has climbed slightly to $1,959 this month, just $14 more than in June. This minor gain could mark a cooling-off period as prices settle in at their yearly high levels, a welcome relief after last month’s huge leap. We’ve seen a similar tapering in Metro Vancouver this month, so it will be interesting to see how these two key rental markets develop over the coming months.
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Month-to-month rent change
This chart breaks down the percentage change in rent across all GTA cities/municipalities from June to July 2022.
Unfurnished Toronto rent trends
Though the GTA as a whole remained relatively stable on the aggregate, many individual communities saw larger-than-expected changes. Most notably in Mississauga (+8.60%), Markham (+7.34%), Downtown Toronto (+4.92%) and Vaughan–Richmond Hill (+3.24%). Interestingly, there were no decreases in average rent price for unfurnished units this July, although many of the increases were slight.
Furnished Toronto rent trends
Furnished units were, as usual, a bit more volatile this month. Mississauga had quite a significant increase in average monthly rent prices at +21.41%, with North York (+7.53%) and Etobicoke (+5.15%) the other two municipalities whose prices rose. The only notable decline in price this month came in Markham (-15.44%), but Downtown Toronto did decrease by a slight -1.34% as well.
Toronto furnished vs unfurnished averages
For a while now, the gap in average rent prices for furnished and unfurnished renters has been narrowing in the GTA. This June, furnished one-bedroom units are only more expensive than unfurnished ones by a minuscule $6. Though this is just an average, it does signal that renters won’t save as much as usual by bringing their own furniture with them, and landlords won’t earn significantly more from renting their unit furnished.
City breakdown
Brampton is still the cheapest GTA municipality in July 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 $1,650 from month-to-month, while in Downtown, the same type of unit goes for $2,140, a difference of $490.
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.
- Average rent for furnished, three-bedroom units in Downtown Toronto skyrocketed in price this month, at $4,481 compared to $2,720 in June.
- Furnished, one-bedroom units in Brampton rented for an average of jut $1,413 this month, the cheapest of any unit type examined here.
- Downtown Toronto had the most expensive rent prices for all types of units this July.
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 reclaimed its title as Ontario’s cheapest city to rent at $1,639, while Oakville was the most expensive at $2,016.
Our complete July 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 here.
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
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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:
June 2022 Toronto Rent Report
June 2022 Vancouver Rent Report
June 2022 Montreal Rent Report
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