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May 2024 Toronto Rent Report

8 min read
Greg Park

Greg Park

Creative Content Writer at liv.rent

Published on May 10, 2024

At a glance

  • Average rent for a one-bedroom unfurnished unit in Toronto is only up +2.24% year-over-year
    • Comparing May 2024 to May 2023, Average rates for an unfurnished one-bedroom unit in Toronto have only increased by $49, or +2.24%. Rental prices have similarly slowed in Metro Vancouver (+2.11% YoY increase) and Montreal (-2.73%).
  • Rent prices in Downtown Toronto have dropped compared to May 2023
    • While Toronto as a whole has seen a slight year-over-year increase, rates in Downtown Toronto have fallen compared to last May – despite it still being the most expensive area to rent in the GTA. A one-bedroom unfurnished unit currently rents for an average of $2,382/month compared to $2,407 in May 2023, a -1.04% decrease.
  • Rates for furnished one-bedroom units have fallen by -8.34% year-over-year
    • Rates for furnished one-bedroom units in Toronto have been steadily declining since May 2023, going from an average of $2,410/month to $2,209 at present. This drop in price might be at least partially explained by recent measures capping study permits in Canada.

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

Download The Latest Toronto Rent Report

For the complete Toronto rent report, download here.

Toronto’s average rent prices have fallen this May for the third consecutive month. As of May 2024, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has dropped by $14 to a new monthly average of $2,239 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.

Average rent prices for unfurnished, one-bedroom units in Toronto have decreased this May, by $14. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has increased by $49 since May 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.

rental trends for unfurnished one-bedroom units in the Greater Toronto Area via the May 2024 liv rent report

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.



Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between April and May 2024.

percentage change in rental prices for different cities and municipalities in the Greater Toronto Area, via the May 2024 liv rent report

Unfurnished Toronto rent trends

Average rates for unfurnished one-bedroom units in the GTA were relatively stable this month with few noteworthy changes. This month, the only month-to-month increases were seen in Brampton (+1.30%) and Etobicoke (+0.53%), while Vaughan-Richmond Hill (-3.27%), Markham (-1.43%), and Mississauga (-1.34%) had the most significant decreases from month to month.


Furnished Toronto rent trends

In terms of furnished one-bedroom units, the largest month-to-month increase occurred in North York (+2.06%), with rates falling the most in Mississauga (-10.01%) and Scarborough (-7.50%).


Toronto furnished vs unfurnished averages

This May, prices for both furnished and unfurnished one-bedroom units fell. This month, the average one-bedroom furnished unit rents for $30 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.

average rent for furnished vs unfurnished units in the Greater Toronto Area for the May 2024 liv rent report

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 May, North York ($4.26/sq. ft.) has the most expensive average rent per square foot, followed by Downtown Toronto ($3.73/sq. ft.) and Etobicoke ($3.67/sq. ft.) .

average rent per square foot broken down by city for the May 2024 liv rent Toronto Rent Report

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 May 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 75.68%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 17.91% of active listings.

number of active listings by property type for the May 2024 liv rent report

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 May. One-bedroom units were the most common type of listing in the GTA this month at 48.98%, while two-bedroom units represented 38.88% of the region’s active listings.

number of active listings by number of bedrooms for the May 2024 liv rent report

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


City breakdown

This May, 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 $1,739, while in Downtown Toronto, the same type of unit rents for an average of $2,382 – a difference of $650.

highest and lowest rent in the GTA by neighbourhood via the May 2024 liv rent report

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.

  • Prices for unfurnished one-bedroom units fell in every municipality listed here except for Brampton and Etobicoke.
  • Furnished one-bedroom units in Brampton were significantly cheaper than unfurnished one-bedroom units, renting for $261 less on average
  • Prices rose for one-, two-, and three-bedroom unfurnished units in Brampton
average rent for unfurnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the May 2024 liv rent report
average rent for furnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the May 2024 liv rent report

Rental averages for other Ontario cities

We’ve also explored data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, Niagara Falls is the least expensive to rent in this May at $1,557/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,382 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.

average rent by municipality or city outside of the Greater Toronto Area via the May 2024 liv rent report

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.



Most expensive cities in Canada

This May, four out of five of the country’s most expensive cities are located in B.C., with Markham representing Ontario as the fifth most expensive city in the country. West Vancouver is the most expensive city in the country to rent in, while North Vancouver, Vancouver, and Burnaby also make the list.

most expensive cities to rent in Canada via the May 2024 liv rent report

Downloadable resources

Our complete May 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.

Download The Latest Toronto Rent Report

For the complete Toronto rent report, download here.


Renting in Ontario

For more information on renting in Ontario, refer to these comprehensive resource posts:


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 Vancouver rental market. Discover last month’s Rent Reports below:

April 2024 Metro Vancouver Rent Report
April 2024 Toronto Rent Report
April 2024 Calgary & Edmonton Rent Report
April 2024 Montreal Rent Report

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