toronto rent

Toronto rent up 15% since last year

There's good news and bad news for Toronto apartment hunters. Rental rates have decreased for the first time in almost a year this May, but they're still hovering near an all time high.

According to apartment listing site Padmapper's monthly rental report, one bedroom units dipped 1.7 per cent to $1,750 this month, while two bedroom units decreased 0.9 per cent to $2,250.

Those numbers make Toronto the second most expensive rental market in the country behind Vancouver, where rents have started to climb again after a brief pause a couple of months ago.

While prospective renters will be happy to know that monthly rates have flatlined, it's worth noting that yearly growth for both one and two bedroom units sits at 15 per cent, which underscores just how pricey it remains to rent an apartment or condo in Toronto.

It remains to be seen if the slight dip in prices is related to rent control measures tabled by the provincial government last month.

Lead photo by

Michael Monastyrskyj


Join the conversation Load comments

Latest in City

People in Toronto are trying to save an abandoned cat that survived 8-storey fall

Toronto drivers will be slapped with tickets if caught speeding in these 50 new locations

Stay-at-home order will officially be lifted in Toronto next week

Toronto Zoo releases video of gorillas playing with bubbles and it's so cute it hurts

It's going to be 12 C in Toronto next week as spring-like weather returns

A Toronto hospital was just ranked in the top 5 worldwide

Toronto police arrest tenant couple who scammed landlords for 10 years

Toronto has lost $8.35 billion in tourism dollars due to COVID-19 so far