Cheap rent in Toronto is a relative term. Where once $1,000 could secure you a nice, above-ground one bedroom apartment, now you'll find plenty of basement bachelors listed above this benchmark. There are, however, some neighbourhoods that offer more bang for your buck than you'll find elsewhere.

Here are five Toronto neighbourhoods with lots of amenities, good transit accessibility, and rent within reach.

Corso Italia

The western reaches of St. Clair, particularly on residential streets to the, is a great place to seek out high-value apartment rentals. Subway proximity is poor, but the streetcar ROW makes a big difference for transit users. It also boasts a bustling restaurant and cafe scene.

Woodbine-Lumsden

Not so long ago, this was an area low in rental options, but cash-strapped homeowners have created many units in their homes to help with mortgage payments, which means renters can look here for well priced units. $1,600 can secure a renovated two bedroom here.

Runnymede North

Bloor West Village has steadily grown out of reach for renters looking for value, but head north to Runnymede and you'll still find well-appointed one bedrooms in the $1,200 range. Subway accessibility isn't the best, but there are plenty of bus routes to choose from.

Davenport Village

I've drawn the neighbourhood lines loosely here, but throughout this area one bedroom apartments can still be found for $1,150 or less. You can get cheaper rent by heading northwest to the Rogers Rd. area, but only at the expense of subway accessibility.

Upper/East Leslieville

This isn't one neighbourhood, of course, but a collection that includes Little India and the Pocket (amongst others). Rental pricing is mostly consistent here. You'll have to walk 10-15 minutes to get to the subway or 501 streetcar, but the whole area is rapidly developing.

A note on criteria: This is not a scientific exercise in tracking average rental prices across the city, but is based on months of monitoring popular apartment rental listings sites. The goal here is to highlight those neighbourhoods that offer good value in Toronto rather than the outright cheapest rent.