May 2023 Toronto Rent Report

At a glance

• The average monthly rent for an unfurnished, one-bedroom unit in Toronto has fallen by $46 since April.
• Average rent per square foot in the GTA is now $0.26/sq. ft. more expensive than the average rates in Metro Vancouver.
• Apartments represented 81.51% of all active listings in the Greater Toronto Area this May.

Looking for our full May 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 fallen this May, with the GTA’s monthly average rental rate for an unfurnished, one-bedroom unit dropping by $46, to $2,190. 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 decreased this month after a string of back-to-back increases. For May 2023, average prices for this type of unit dropped by $46 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 $385 since May 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 April and May 2023.

Unfurnished Toronto rent trends

Prices fell for unfurnished, one-bedroom units in most GTA municipalities this month. Markham (-7.61%) saw the most significant drop, followed by Scarborough (-5.66%) and North York (-3.62%). Only Vaughan-Richmond Hill (+2.17%) and Mississauga (+1.19%) saw overall increases in price this month, while average rent in Downtown Toronto fell by a slight -0.25%.

Furnished Toronto rent trends

Looking at furnished, one-bedroom units, Significant average increases were seen in Scarborough (+6.73%) and Mississauga (+4.95%) this month, while pronounced declines occurred in Vaughan-Richmond Hill (-9.85%), Downtown Toronto (-6.90%), and North York (-3.71%).

Toronto furnished vs unfurnished averages

Furnished units are still a good deal more expensive than unfurnished units this May. Average rates for furnished, one-bedroom units fell by -6.66% this month, while unfurnished rental units fell by -2.09%. This May, furnished, one-bedroom units cost $220 more 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

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 May, Downtown Toronto ($5.13/sq. ft.) has the most expensive rent in terms of cost per unit, while North York also has comparatively expensive average costs ($5.00/sq. ft.). The least expensive rent per square foot can be found in Markham ($1.70/sq. ft.) and Brampton ($1.78/sq. ft.).

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 May 2023, the most common rental property type by far was apartments, representing 81.51% of active listings on the market. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 10.36% 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. Two-bedroom units were the most common type of listing this month at 42.01%. One-bedroom units fell slightly in popularity this month, though they still represented 37.59% of active listings on the rental market.

City breakdown

This May, 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 $1,684, while in Downtown Toronto, the same type of unit goes for $2,407 – a difference of $723.

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- and two-bedroom, unfurnished units this month, despite overall decreases for these types of units.
• Scarborough had the least expensive three-bedroom, unfurnished units this May.
• Vaughan-Richmond Hill had the cheapest average rent prices for one-bedroom, furnished units this May.

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 May at $1,536 for an unfurnished, one-bedroom unit, while Oakville is the most expensive at $2,286 – 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 May 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:

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