June 2023 Toronto Rent Report

At a glance

• The average monthly rent for an unfurnished, one-bedroom unit in Toronto has increased by $44 this June.
• Downtown Toronto had the most expensive average rent prices in the GTA for one-, two-, and three-bedroom furnished & unfurnished units this month.
• This June, one-bedroom units represented the majority of available rental listings, at 45.24% compared to 37.59% last month.

Looking for our full June 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 June, with the GTA’s monthly average rental rate for an unfurnished, one-bedroom unit increasing by $44, to $2,234. 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

Rental rates for an unfurnished, one-bedroom unit in Toronto have increased this June after a brief dip in May. This month, average rent prices for this type of unit rose by $44 from month to month, although it seems unlikely that prices continue to decline throughout the busy summer renting season. While the Bank of Canada has halted their interest rate increases for now, many homeowners still have higher monthly payments than usual, which will likely continue to be reflected in average rent prices across the country. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $289 since June 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 May and June 2023.

Unfurnished Toronto rent trends

This June, average rent prices for unfurnished, one-bedroom units rose in more GTA municipalities than not. The most substantial changes were seen in Markham (+6.53%), North York (+5.93%), and Scarborough (+5.90%). Prices were unchanged in Brampton (0.00%), and only fell slightly in Downtown Toronto (-0.46%).

Furnished Toronto rent trends

Rates for furnished units remained fairly consistent this month as a whole, with a few outliers. The largest month-to-month increases happened in Downtown Toronto (+9.08%) and Scarborough (+3.92%), while notable declines were seen in North York (-5.14%), Etobicoke (-3.53%), and Vaughan-Richmond Hill (-2.31%).

Toronto furnished vs unfurnished averages

This June, furnished, one-bedroom units rent for quite a bit more than unfurnished units on average. Both types of units increased in average price by a similar margin this month, with furnished, one-bedroom units increasing by +2.38% this month and unfurnished rental units increasing by +2.04%. At present, furnished, one-bedroom units cost $233 more per month to rent than unfurnished, one-bedroom units on average.

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

Our monthly Rent Reports also look more closely at average rent per square foot in municipalities throughout the Greater Toronto Area. This June, Downtown Toronto ($3.82/sq. ft.) has the most expensive rent in terms of cost per square foot, while Vaughan-Richmond Hill ($3.71/sq. ft.) and North York ($3.61/sq. ft.) have comparable average costs for space. This month, the least expensive average rent per square foot can be found in Brampton ($1.87/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

For June 2023, the most common rental property type by far was apartments, representing 80.36% of active listings on the market. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 10.59% 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 this month at 45.24%, with a marked rise in popularity since June. Two-bedroom units represented a smaller portion of active listings than we’ve observed in the past, though they still made up 37.83% of the current rental market.

City breakdown

This June, Niagara Falls is the cheapest municipality of the areas we look at for our Rent Reports, while Oakville replaces Downtown Toronto as the most expensive.

The average price for an unfurnished one-bedroom unit in Niagara Falls currently stands at $1,527, while in Oakville, the same type of unit goes for $2,406 – a difference of $879.

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.

• Downtown Toronto had the highest average prices for one-, two-, and three-bedroom, furnished & unfurnished units this month.
• Prices for two-bedroom, unfurnished units rose in every GTA municipality this June.
• One-bedroom, furnished units in both Brampton and Vaughan-Richmond Hill rented for less than any one-bedroom, unfurnished units in the GTA, on average.

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 June at $1,527 for an unfurnished, one-bedroom unit, while Oakville is the most expensive at $2,406, surpassing even Downtown Toronto 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.

Our complete June 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

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

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