July 2024 Toronto Rent Report

At a glance

• Oshawa stays the cheapest municipality in the regions we analyze for the ninth month in a row
  • Oshawa has consistently had the lowest average rent for a one-bedroom unfurnished apartment since November 2023 at $1,792/month.
• Average rent prices for one-bedroom unfurnished units continue to see a downward trend
  • Despite a minor $1 increase during June, the average price for a one-bedroom unfurnished unit has continued to fall month-over-month since March.
• Rent prices are $704/month more expensive in the most vs least expensive municipality
  • The difference in price for a one-bedroom unfurnished unit between Downtown ($2,428) and Oshawa ($1,724) comes to $704/month.

Download the full report here for a comprehensive summary of this month’s rental data.

As of July 2024, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has dropped by $12 to a new monthly average of $2,228 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

The average rent price for an unfurnished one-bedroom unit in Toronto has decreased slightly this July, by $12. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has also decreased, dropping by $40 since July 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2024/2025 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 June and July 2024.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. Etobicoke saw the largest increase at (+3.20%) while Scarborough saw the largest decrease at (-2.11%).

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 North York (+10.97%), with Mississauga (-7.79%) seeing the largest month-to-month decrease.

Toronto furnished vs unfurnished averages

This July, prices for furnished one-bedroom units increased slightly, while rates for unfurnished one-bedroom units decreased. This month, the average one-bedroom furnished unit rents for $53 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.

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 July, Markham ($4.00/sq. ft.) has the most expensive average rent per square foot, followed by Downtown Toronto ($3.71/sq. ft.) and North York ($3.37/sq. ft.).

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 July 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 83.08%. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 10.20% of active listings, down (-3.15%) from 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 July. One-bedroom units were the most common type of listing in the GTA this month at 52.78%, while two-bedroom units represented 39.34% of the region’s active listings. Three-bedroom units make up the remaining 7.88%.

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

City breakdown

This July, 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 $1,724 up $46 on last month, while in Downtown Toronto, the same type of unit rents for an average of $2,428 – a difference of $704 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 second month in a row.
• Likewise, Brampton also had the cheapest average rent prices for one- and two-bedroom furnished units for the second month in a row.
• Average rent prices for one-bedroom furnished units fell in all municipalities except for Scarborough and North York this July.

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 July at $1,614/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,428 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.

Most expensive cities in Canada

This July, 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 July 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