Cost of two bedroom rentals continues to soar in Toronto
Month over month, it's not a terrible jump. The apartment hunting website puts the average price of a two bedroom rental unit at $2,440 this month, which marks an increase of just 0.4 per cent since October.
Compared against last year at this time, however, the numbers are a bit more alarming: two bedroom prices have risen 14.6 per cent in Toronto since November of 2016.
In October of last year, monthly rent on one of these units averaged just $1,760 – cheaper than what you could get a one bedroom apartment for in the city right now.
Speaking of one bedrooms, which famously hit the $2,000 mark in September, there's actually a bit of good news to be found within Padmapper's most recent report.
The price of renting a one bedroom apartment in Toronto this month is actually down a full one per cent since last October.
At $1,920, an average one bedroom is still nearly 13 percent more expensive than it was last year at this time, but at least it's not climbing. For now. I won't hold my breath for this particular trend to continue.
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