{"id":56305,"date":"2024-05-10T16:36:25","date_gmt":"2024-05-10T23:36:25","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=56305"},"modified":"2024-08-08T13:53:57","modified_gmt":"2024-08-08T20:53:57","slug":"may-2024-toronto-rent-report","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/may-2024-toronto-rent-report\/","title":{"rendered":"May 2024 Toronto Rent Report"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">At a glance<\/h3>\n\n\n\n<ul>\n<li><strong>Average rent for a one-bedroom unfurnished unit in Toronto is only up +2.24% year-over-year<\/strong>\n<ul>\n<li>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%).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Rent prices in Downtown Toronto have dropped compared to May 2023<\/strong>\n<ul>\n<li>While Toronto as a whole has seen a slight year-over-year increase, rates in Downtown Toronto have fallen compared to last May \u2013 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.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Rates for furnished one-bedroom units have fallen by -8.34% year-over-year<\/strong>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Download the full report here for a comprehensive summary of this month&#8217;s rental data. <\/strong><\/em><\/p>\n\n\n\n<style>\n\n.background-downloadable-report-to-monthly-rent-report-2 {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-downloadable-report-to-monthly-rent-report-2 p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-downloadable-report-to-monthly-rent-report-2 {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-downloadable-report-to-monthly-rent-report-2 {\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n  \n<\/style>\n\n<div class=\"background-downloadable-report-to-monthly-rent-report-2 cta-block-downloadable-report-to-monthly-rent-report-2\">\n<h3><strong>Unlock Exclusive Monthly Insights<\/strong><\/h3>\n\n<p>Download the full Toronto report for more expert insights and in-depth data for average rent prices, market trends, and neighbourhood comparisons.<\/p>\n\n<button id=\"downloadable-report-to-monthly-rent-report-2\" class=\"button-downloadable-report-to-monthly-rent-report-2\">Download Report<\/button>\n<\/div>\n\n\n\n<p>Toronto&#8217;s average rent prices have fallen this May for the third consecutive month. As of May 2024, the city of Toronto&#8217;s average monthly rent price for an unfurnished one-bedroom has dropped by $14 to a new monthly average of $2,239 this month. <\/p>\n\n\n\n<p><strong><em>We\u2019ve 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&nbsp;<a href=\"https:\/\/liv.rent\/blog\/rental-resources\/2024-canada-rental-market-trend-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p>Let&#8217;s take a look now at the latest data and see which neighbourhoods are experiencing the biggest changes in furnished and unfurnished rental rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"rent-trends\"><br>Toronto rent trends<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong><em>Planning on raising rent this year? Ontario&#8217;s Annual allowable rent increase limit for 2024 is 2.5%. Find out when and how you can increase rent and ensure you&#8217;re complying with provincial guidelines by reading our updated <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/landlords\/ontario-rent-increase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Guide to Ontario Rent Increases<\/a>.<\/em><\/strong><\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\r\n<p style=\"font-size: 16px;margin: 0;\"><b>&gt;&gt; Recommended Reading:<\/b> <a href=\"https:\/\/liv.rent\/blog\/landlords\/ontario-rent-increase\/\" target=\"_blank\" rel=\"noopener noreferrer\">What is Ontario\u2019s maximum allowable rent increase?<\/a><\/p>\r\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"717\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-4-1-1024x717.png\" alt=\"rental trends for unfurnished one-bedroom units in the Greater Toronto Area via the May 2024 liv rent report\" class=\"wp-image-56309\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-4-1-980x686.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-4-1-480x336.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<br>\n<style>\n.background-landlord-cta-free-rent-estimate {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-landlord-cta-free-rent-estimate p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-landlord-cta-free-rent-estimate {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-landlord-cta-free-rent-estimate{\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n<\/style>\n\n<div class=\"background-landlord-cta-free-rent-estimate cta-block-landlord-cta-free-rent-estimate\">\n<h3><strong>Is your rental priced competitively?<\/strong><\/h3>\n\n<p>Find out with a <em>free<\/em> rent estimate. Our team of rental experts will calculate your unit&#8217;s true value based on your listing details &amp; current market trends.<\/p>\n\n<a href=\"https:\/\/landlords.liv.rent\/rentestimate\/\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-landlord-cta-free-rent-estimate\" class=\"button-landlord-cta-free-rent-estimate\">Get Your Free Estimate<\/button><\/a>\n<\/div>\n<br>\n\n\n\n<br><h2 id=\"month-to-month\">Month-to-month rent change<\/h2>\n\n\n\n<p>This chart breaks down the percentage change in rent prices across all <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/neighbourhoods\/where-to-live-in-toronto\/\" target=\"_blank\" rel=\"noreferrer noopener\">GTA cities\/municipalities<\/a> between April and May 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"862\" height=\"1024\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-8-862x1024.png\" alt=\"percentage change in rental prices for different cities and municipalities in the Greater Toronto Area, via the May 2024 liv rent report\" class=\"wp-image-56297\"\/><\/figure>\n\n\n\n<br><h3 style=\"color: #fe5f55\">Unfurnished Toronto rent trends<\/h3>\n\n\n\n<p>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 <a href=\"https:\/\/liv.rent\/rental-listings\/city\/brampton\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a> (+1.30%) and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/etobicoke\/\" target=\"_blank\" rel=\"noreferrer noopener\">Etobicoke<\/a> (+0.53%), while <a href=\"https:\/\/liv.rent\/rental-listings\/city\/richmond-hill\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vaughan-Richmond Hill<\/a> (-3.27%), <a href=\"https:\/\/liv.rent\/rental-listings\/city\/markham\/\" target=\"_blank\" rel=\"noreferrer noopener\">Markham<\/a> (-1.43%), and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/mississauga\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a> (-1.34%) had the most significant decreases from month to month. <\/p>\n\n\n\n<br><h3 style=\"color: #fe5f55\">Furnished Toronto rent trends<\/h3>\n\n\n\n<p>In terms of furnished one-bedroom units, the largest month-to-month increase occurred in <a href=\"https:\/\/liv.rent\/rental-listings\/city\/north-york\/\" target=\"_blank\" rel=\"noreferrer noopener\">North York<\/a> (+2.06%), with rates falling the most in <a href=\"https:\/\/liv.rent\/rental-listings\/city\/mississauga\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a> (-10.01%) and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/scarborough\/\" target=\"_blank\" rel=\"noreferrer noopener\">Scarborough<\/a> (-7.50%).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\r\n<p style=\"font-size: 16px;margin:0;\"><b>Read More:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/07\/liv-rent-user-guide-for-renters\/\" rel=\"noopener noreferrer\">\r\nThe Ultimate Renter\u2019s Guide To Using liv.rent\r\n\r\n\r\n<\/a><\/p>\r\n<\/div>\n\n\n\n<br><h2 id=\"furnished-unfurnished\">Toronto furnished vs unfurnished averages<\/h2>\n\n\n\n<p>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 \u2013 although they may still be able to capitalize on the demand for <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/landlords\/short-term-vs-long-term-rentals-which-are-right-for-you\/\" target=\"_blank\" rel=\"noreferrer noopener\">short-term rentals<\/a>. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-2-1024x683.png\" alt=\"average rent for furnished vs unfurnished units in the Greater Toronto Area for the May 2024 liv rent report\" class=\"wp-image-56303\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-2-980x653.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-2-480x320.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\r\n<p style=\"font-size: 16px;margin:0;\"><b>Read More: <\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/08\/questions-every-landlord-should-ask-applicants-before-they-sign-a-lease\/\" rel=\"noopener noreferrer\">56 Questions Every Landlord Should Ask Applicants Before They Sign A Lease\r\n\r\n\r\n<\/a><\/p>\r\n<\/div>\n\n\n\n<br><h2 id=\"rent-per-sq-ft\">Rent per square foot<\/h2>\n\n\n\n<p>Our monthly Rent Reports also look more closely at the average rent per square foot in municipalities throughout the Greater Toronto Area. This May, <a href=\"https:\/\/liv.rent\/rental-listings\/city\/north-york\" target=\"_blank\" rel=\"noreferrer noopener\">North York<\/a> ($4.26\/sq. ft.) has the most expensive average rent per square foot, followed by <a href=\"https:\/\/liv.rent\/rental-listings\/city\/toronto\" target=\"_blank\" rel=\"noreferrer noopener\">Downtown Toronto<\/a> ($3.73\/sq. ft.) and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/etobicoke\/\" target=\"_blank\" rel=\"noreferrer noopener\">Etobicoke<\/a> ($3.67\/sq. ft.) . <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"690\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-5-1024x690.png\" alt=\"average rent per square foot broken down by city for the May 2024 liv rent Toronto Rent Report\" class=\"wp-image-56300\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-5-980x660.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-5-480x323.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<br><h2 id=\"active-listings\">Active listing data<\/h2>\n\n\n\n<p>We&#8217;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&#8217;re most likely to encounter in the Greater Toronto Area, while for landlords, you can assess how much competition you&#8217;ll face based on the current supply.<\/p>\n\n\n\n<br><h3 style=\"color: #fe5f55\">Active listings by property type<\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"439\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-11-1024x439.png\" alt=\"number of active listings by property type for the May 2024 liv rent report\" class=\"wp-image-56294\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-11-980x420.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-11-480x206.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<br><h3 style=\"color: #fe5f55\">Active listings by number of bedrooms<\/h3>\n\n\n\n<p>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&#8217;s active listings.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"390\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-10-1024x390.png\" alt=\"number of active listings by number of bedrooms for the May 2024 liv rent report\" class=\"wp-image-56295\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-10-980x373.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-10-480x183.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><em>Looking for our full May 2024 Toronto Rent Report? Download your copy <a href=\"#Downloadable_resources\">here<\/a> to get all the latest insights, including a detailed breakdown by neighbourhood.<\/em><\/strong><\/p>\n\n\n\n<br><h2 id=\"city-breakdown\">City breakdown<\/h2>\n\n\n\n<p>This May, Oshawa is the <a aria-label=\"most affordable GTA neighbourhood (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/04\/2021-where-can-you-find-the-cheapest-toronto-rentals\/\" target=\"_blank\" rel=\"noreferrer noopener\">cheapest municipality<\/a> to rent in out of the areas we look at for our Rent Reports, while <a href=\"https:\/\/liv.rent\/rental-listings\/city\/toronto\/\" target=\"_blank\" rel=\"noreferrer noopener\">Downtown Toronto<\/a> is the region&#8217;s most expensive place to rent this month. <\/p>\n\n\n\n<p>The average rent price for an <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/brampton?furnished=false&amp;bedroom_count=1\" target=\"_blank\" rel=\"noreferrer noopener\">unfurnished one-bedroom<\/a> unit in Oshawa currently stands at $1,739, while in Downtown Toronto, the same type of unit rents for an average of $2,382 \u2013 a difference of $650.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"674\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-3-1024x674.png\" alt=\"highest and lowest rent in the GTA by neighbourhood via the May 2024 liv rent report\" class=\"wp-image-56302\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-3-980x645.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-3-480x316.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\r\n<p style=\"font-size: 16px;margin:0;\"><b>Read More:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2022\/03\/toronto-rental-vacancy-rates\/\" rel=\"noopener noreferrer\">Rental Vacancy Rates In The City Of Toronto\r\n\r\n<\/a><\/p>\r\n<\/div>\n\n\n\n<p>Because Ontario&#8217;s different communities are so diverse, we&#8217;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 <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/rental-resources\/furnished-vs-unfurnished-rental-guide-for-landlords\/\" target=\"_blank\" rel=\"noreferrer noopener\">unfurnished and furnished<\/a>.<\/p>\n\n\n\n<ul>\n<li>Prices for unfurnished one-bedroom units fell in every municipality listed here except for Brampton and Etobicoke.<\/li>\n\n\n\n<li>Furnished one-bedroom units in Brampton were significantly cheaper than unfurnished one-bedroom units, renting for $261 less on average<\/li>\n\n\n\n<li>Prices rose for one-, two-, and three-bedroom unfurnished units in Brampton<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"685\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-7-1024x685.png\" alt=\"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\" class=\"wp-image-56298\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-7-980x655.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-7-480x321.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"685\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-6-1024x685.png\" alt=\"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\" class=\"wp-image-56299\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-6-980x655.png 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-6-480x321.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\r\n<p style=\"font-size: 16px;margin:0;\"><b>Read More:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/09\/faq-everything-you-need-to-know-about-rent-deposits-in-ontario\/\" target=\"_blank\" rel=\"noopener noreferrer\">FAQ: Everything You Need To Know About Rent Deposits In Ontario\r\n\r\n<\/a><\/p>\r\n<\/div>\n\n\n\n<br><h2 id=\"averages-outside-gta\">Rental averages for other Ontario cities<\/h2>\n\n\n\n<p>We&#8217;ve also explored data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, <a href=\"https:\/\/liv.rent\/rental-listings\/city\/niagara-falls\/\" target=\"_blank\" rel=\"noreferrer noopener\">Niagara Falls<\/a> 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.<\/p>\n\n\n\n<p>For complete data on these cities as well as other municipalities outside of the Greater Toronto Area, download our full report <a href=\"#downloadable-resources\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"here (opens in a new tab)\">here<\/a> to view the complete report.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"977\" height=\"1024\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-9-977x1024.png\" alt=\"average rent by municipality or city outside of the Greater Toronto Area via the May 2024 liv rent report\" class=\"wp-image-56296\"\/><\/figure>\n\n\n\n<br>\n<style>\n.background-landlord-cta-free-rent-estimate {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-landlord-cta-free-rent-estimate p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-landlord-cta-free-rent-estimate {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-landlord-cta-free-rent-estimate{\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n<\/style>\n\n<div class=\"background-landlord-cta-free-rent-estimate cta-block-landlord-cta-free-rent-estimate\">\n<h3><strong>Is your rental priced competitively?<\/strong><\/h3>\n\n<p>Find out with a <em>free<\/em> rent estimate. Our team of rental experts will calculate your unit&#8217;s true value based on your listing details &amp; current market trends.<\/p>\n\n<a href=\"https:\/\/landlords.liv.rent\/rentestimate\/\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-landlord-cta-free-rent-estimate\" class=\"button-landlord-cta-free-rent-estimate\">Get Your Free Estimate<\/button><\/a>\n<\/div>\n<br>\n\n\n\n<br><h2 id=\"Most-Expensive-Cities-in-Canada\">Most expensive cities in Canada<\/h2>\n\n\n\n<p>This May, four out of five of the country&#8217;s most expensive cities are located in B.C., with <a href=\"https:\/\/liv.rent\/rental-listings\/city\/markham\" target=\"_blank\" rel=\"noreferrer noopener\">Markham<\/a> representing Ontario as the fifth most expensive city in the country. <a href=\"https:\/\/liv.rent\/rental-listings\/city\/west-vancouver\/\" target=\"_blank\" rel=\"noreferrer noopener\">West Vancouver<\/a> is the most expensive city in the country to rent in, while <a href=\"https:\/\/liv.rent\/rental-listings\/city\/north-vancouver\/\" target=\"_blank\" rel=\"noreferrer noopener\">North Vancouver<\/a>, <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a>, and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/burnaby\/\" target=\"_blank\" rel=\"noreferrer noopener\">Burnaby<\/a> also make the list. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"491\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_Vancouver_2024_May-EN_Blog-5-1024x491.jpg\" alt=\"most expensive cities to rent in Canada via the May 2024 liv rent report\" class=\"wp-image-56264\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_Vancouver_2024_May-EN_Blog-5-980x469.jpg 980w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_Vancouver_2024_May-EN_Blog-5-480x230.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Downloadable resources<\/h2>\n\n\n\n<p>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&#8217;ve added, be sure to download your copy of the Rent Report below. <\/p>\n\n\n\n<style>\n\n.background-downloadable-report-to-monthly-rent-report {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-downloadable-report-to-monthly-rent-report p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-downloadable-report-to-monthly-rent-report {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-downloadable-report-to-monthly-rent-report{\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n  \n<\/style>\n\n<div class=\"background-downloadable-report-to-monthly-rent-report cta-block-downloadable-report-to-monthly-rent-report\">\n<h3><strong>Download The Latest Toronto Rent Report<\/strong><\/h3>\n\n<p>For the complete Toronto rent report, download here.<\/p>\n\n<button id=\"downloadable-report-to-monthly-rent-report\" class=\"button-downloadable-report-to-monthly-rent-report\">Download Report<\/button>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Renting in Ontario<\/h2>\n\n\n\n<p>For more information on renting in Ontario, refer to these comprehensive resource posts:<\/p>\n\n\n\n<ul>\n<li><a rel=\"noreferrer noopener\" aria-label=\"Applying For A Rental In Ontario Part 1: What\u2019s A Standard Rental Application? (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/06\/applying-for-a-rental-in-ontario-whats-a-standard-rental-application\/\" target=\"_blank\">What\u2019s A Standard Rental Application?<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\"Applying For A Rental In Ontario Part 2: What do you need when applying for a rental? (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/06\/applying-for-a-rental-in-ontario-what-do-you-need-when-applying-for-a-rental\/\" target=\"_blank\">What do you need when applying for a rental?<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\"Applying For A Rental In Ontario Part 3: What Can A Landlord Ask For On A Rental Application In Ontario? (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/06\/applying-for-a-rental-in-ontario-what-can-a-landlord-ask-for-on-a-rental-application\/\" target=\"_blank\">What Can A Landlord Ask For On A Rental Application In Ontario?<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/06\/applying-for-a-rental-in-ontario-how-do-i-fill-out-a-rental-application\/\" target=\"_blank\">How Do I Fill Out A Rental Application?<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\"Ontario Standard Lease Explained (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/01\/ontario-standard-lease-explained\/\" target=\"_blank\">Ontario Standard Lease Explained<\/a><\/li>\n\n\n\n<li><a aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2021\/01\/eviction-in-ontario-faq\/\" target=\"_blank\" rel=\"noreferrer noopener\">Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario<\/a><\/li>\n<\/ul>\n\n\n\n<br><h2 id=\"methodology\">Data collection methodology<\/h2>\n\n\n\n<font size= \"2\"><i>\r\n<p>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 &#8211; looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.<\/p>\r\n\r\n<p>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\u2019s listing, since we can filter out duplicate listings and older ads that haven\u2019t been removed. <\/p>\r\n\r\n<p>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. <\/p>\r\n\r\n<p>As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we\u2019re providing a completely accurate depiction of the rental market in the cities we look at. <\/p>\r\n<\/p><\/font><\/i>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<br>\n<style>\n.button-rethink-way-you-rent-monthly-report {\n  background-color: #7495AC;\n  border: 5px #26425C;\n  color: white;\n  padding: 10px 30px;\n  text-align: center;\n  text-decoration: none;\n  display: inline-block;\n  font-size: 15px;\n  margin: 5px 0px 20px 0px;\n}\n<\/style>\n<img decoding=\"async\" class=\"alignleft wp-image-23097\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2020\/08\/Digital-Contracts-Cropped-2.gif\" alt=\"Find apartments &amp; houses for rent with the liv.rent app\" width=\"220\" height=\"410\" style=\"float:left;\">\n\n<h2 style=\"color: #3E5B77;\">Rethink The Way You Rent<\/h2>\n\n<p>Not on <strong><a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\">liv.rent<\/a><\/strong> yet? Experience the ease of digital applications &amp; contracts, verified tenants &amp; landlords, virtual tours and more \u2013 all on one platform. <strong><a href=\"https:\/\/liv.rent\/pricing\" target=\"_blank\" rel=\"noopener noreferrer\">Sign up for free<\/a><\/strong> or <strong><a href=\"https:\/\/www.liv.rent\/download\" target=\"_blank\" rel=\"noopener noreferrer\">download the app<\/a><\/strong>.<\/p>\n\n<a href=\"https:\/\/liv.rent\/features\" target=\"_blank\" rel=\"noopener noreferrer\"><button class=\"button-rethink-way-you-rent-monthly-report\">Learn More<\/button><\/a>\n\n<p style=\"color: #3E5B77\"><strong><a href=\"https:\/\/315027fd.sibforms.com\/serve\/MUIEALxBmw-zX8J7nIDbE8Y0GsbO2XD2wyS5o8IJ7wVaedytZTfE-Ysnf2unVSDuBMQ_DiIreTYMftk3u84zjN-NZ459-r4fafSVJmvHqufcCZsHOdl9YPdQlyNO_8e-aEyO3JswcwrjPcNt9Ll22P85SQ6zAIiqlLhL9S2Es9edJgfjg0307yN6DptRbjGnHobRqNlUNRLczWrl\" target=\"_blank\" rel=\"noopener noreferrer\">Subscribe<\/a><\/strong> to receive these monthly updates on the Vancouver rental market. Discover last month&#8217;s Rent Reports below:<\/p><p>\n\n<a href=\"https:\/\/liv.rent\/blog\/rent-reports\/april-2024-metro-vancouver-rent-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">April 2024 Metro Vancouver Rent Report<\/a><br>\n\n<a href=\"https:\/\/liv.rent\/blog\/rent-reports\/april-2024-toronto-rent-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">April 2024 Toronto Rent Report<\/a><br>\n\n<a href=\"https:\/\/liv.rent\/blog\/rent-reports\/april-2024-calgary-edmonton-rent-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">April 2024 Calgary &amp; Edmonton Rent Report<\/a>\n\n<br>\n<a href=\"https:\/\/liv.rent\/blog\/rent-reports\/april-2024-montreal-rent-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">April 2024 Montreal Rent Report<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At a glance Download the full report here for a comprehensive summary of this month&#8217;s rental data. Toronto&#8217;s average rent prices have fallen this May for the third consecutive month. As of May 2024, the city of Toronto&#8217;s average monthly rent price for an unfurnished one-bedroom has dropped by $14 to a new monthly average [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":56304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[292,450],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>May 2024 Toronto Rent Report | liv.rent blog<\/title>\n<meta name=\"description\" content=\"liv.rent&#039;s May 2024 Toronto Rent Report looks at rental data in the GTA, analyzing need-to-know statistics for renters &amp; landlords.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/liv.rent\/blog\/rent-reports\/may-2024-toronto-rent-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"May 2024 Toronto Rent Report | liv.rent blog\" \/>\n<meta property=\"og:description\" content=\"liv.rent&#039;s May 2024 Toronto Rent Report looks at rental data in the GTA, analyzing need-to-know statistics for renters &amp; landlords.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/liv.rent\/blog\/rent-reports\/may-2024-toronto-rent-report\/\" \/>\n<meta property=\"og:site_name\" content=\"liv.rent blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/liv.rent\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-10T23:36:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-08T20:53:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2024\/05\/RentReport_GTA_2024_May_Blog-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Greg Park\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@liv_rent\" \/>\n<meta name=\"twitter:site\" content=\"@liv_rent\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Greg Park\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" 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