{"id":19832,"date":"2020-05-06T21:00:04","date_gmt":"2020-05-07T04:00:04","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=19832"},"modified":"2021-03-31T14:26:18","modified_gmt":"2021-03-31T21:26:18","slug":"may-2020-toronto-rent-report","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/may-2020-toronto-rent-report\/","title":{"rendered":"May 2020 Toronto Rent Report"},"content":{"rendered":"

May 2020 Toronto Rent Prices<\/h2>\n

This month, we take a closer look at what the reported average rent prices for the month of May are across the Greater Toronto Area. These are the first set of figures collected for a complete COVID-19<\/a> pandemic period and a downward trend in rental rates is evident.<\/p>\n

\"May<\/h2>\n

Month-to-Month Rent Change<\/h2>\n

Below we show the percentage change in average rent from April<\/a> to May’s figures. The biggest decrease was in North York where rent for unfurnished listings has dropped by 7.99% while Brampton saw a 3.4% increase in rates for unfurnished rentals.<\/p>\n

\"May<\/h2>\n

Toronto Furnished vs. Unfurnished Rentals<\/h2>\n

What is the average rent in Toronto? The highest average rent in Toronto for an unfurnished one bedroom apartment is $1,784 down from April’s<\/a> $1,873 while the average rent in Toronto of a furnished apartment also decreased to $1,850 from April’s $1,947.<\/p>\n

\"May<\/h2>\n
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RECOMMENDED POST:<\/span> Coronavirus (COVID-19) Canada \u2013 Update For Landlords and Tenants<\/a><\/strong><\/span><\/p>\n<\/blockquote>\n

Neighbourhood Breakdown<\/h2>\n

To assist you in your rental decision, here is a breakdown of rental averages across other neighbourhoods in the GTA. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.<\/p>\n

Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,654 (up from April’s<\/a> $1,600) while the highest average 1 bedroom rent in the GTA for a similar home in May was in Downtown Toronto at $2,056 (down from April’s<\/a> $2,210). <\/span><\/p>\n

\"May\"May<\/p>\n

Most Expensive Cities in Canada<\/h2>\n

Average cost of living in Toronto continues to be the highest in Canada<\/a> in a city by city comparison.<\/p>\n

\"May<\/p>\n

Vancouver<\/a> <\/span>comes in at a close second, with the average reported rent of $1,678 as of May<\/a>. There are many similarities, and differences between the two most popular and expensive cities in Canada<\/a>. Check out our article on the <\/span>cost of living comparison between Vancouver and Toronto here<\/a>. <\/span><\/p>\n

COVID-19 Resources <\/h2>\n

For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts for landlords and tenants. They include information on the various federal and provincial assistance initiatives available to help support landlords<\/a> (small business relief) and tenants<\/a> (rent relief):<\/p>\n