October 2023 Toronto Rent Report

At a glance

• Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,356, a $5 decrease from September.
• For the second straight month, Downtown Toronto had the most expensive average rent prices in the region for all listing types.
• It cost an average of $726 more to rent an unfurnished, one-bedroom unit in Brampton, the cheapest municipality in the GTA, than in Downtown Toronto – the region’s most expensive area.

Looking for our full October 2023 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Average monthly rent prices in Toronto have fallen this October after four straight month-to-month increases. As of this month, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,356, a $5 decrease from September. Despite the Bank of Canada holding the country’s interest rates at their current levels, demand for rental housing remains high heading into the fall and winter which could keep rates high throughout the remainder of 2023.

We’ve 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

Average rent prices for unfurnished, one-bedroom units in Toronto have decreased this month, by just $5. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $207 since October 2022.

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.

Month-to-month rent change

This chart breaks down the percentage change in rent across all GTA cities/municipalities between September and October 2023.

Unfurnished Toronto rent trends

Average rent prices for unfurnished units in the GTA didn’t fluctuate much this October. Among the most notable shifts, the largest increases were seen in Markham (+7.19%) and Vaughan-Richmond Hill (+5.57%), while month-to-month declines occurred in Mississauga (-4.81%) and Brampton (-2.25%).

Furnished Toronto rent trends

Furnished units were also fairly stable this month compared to previous periods. The only month-to-month increase was observed in Scarborough (+0.56%), while notable declines were seen in Brampton (-4.47%), Mississauga (-4.42%), and Etobicoke (-4.10%).

Toronto furnished vs unfurnished averages

This October, prices for furnished, one-bedroom units rose (+2.72%), while rates for unfurnished, one-bedroom units fell (-0.21%) across the city of Toronto. This widens the gap in price between the two types of units, on average. This month, the average one-bedroom, furnished unit rents for just $127 more than a one-bedroom, unfurnished unit – meaning that landlords choosing to rent their units furnished can expect to earn marginally more profit over time, particularly if they decide to rent their units on a short-term basis. Renters who bring their own furniture will still see some savings in Toronto.

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 October, Downtown Toronto ($5.53/sq. ft.) has the most expensive rent in terms of cost per square foot, while Scarborough ($4.10/sq. ft.) and North York ($3.85/sq. ft.) have the second- and third-highest averages in terms of cost for space. This month, the least expensive average rent per square foot can be found in Markham ($1.75/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

As of October 2023, the most common rental property type in the Greater Toronto Area was apartments, representing the vast majority of all listings in the area at 81.07%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 12.85% 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 in the GTA this month at 49.68%, while two-bedroom units represented 34.29% of the region’s active listings.

City breakdown

This October, Brampton is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, and Downtown Toronto is unsurprisingly the region’s most expensive place to rent.

The average price for an unfurnished one-bedroom unit in Brampton currently stands at $1,874, while in Downtown Toronto, the same type of unit rents for an average of $2,600 – a difference of $726.

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.

• For back-to-back months now, Downtown Toronto has the highest average monthly rent prices for all listing types.
• Brampton had the least expensive furnished & unfurnished one-bedroom units this October.
• Brampton also had the least expensive two-bedroom, unfurnished units, while Scarborough had the least expensive three-bedroom, unfurnished units.

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, London is the least expensive to rent in this October at $1,582 for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,600 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.

Downloadable resources

Our complete October 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.

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:

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