apartment rent toronto

Cost of renting an apartment in Toronto climbs 10 per cent

It should come as no surprise that finding an affordable rental in Toronto remains a daunting task, and it isn't getting any better as a new report shows rent has climbed 10 per cent over the last year.

BNN reports that rent on bachelor apartments has climbed 10 per cent in the first quarter of this year to $1,657 from the $1,507 it sat at this time last year.

Data from the Toronto Real Estate Board shows that every standard rental-type available has risen over the last year, some by pretty substantial margins.

apartment rent toronto

Average rental prices have gone up since this time last year. Image courtesy of the Toronto Real Estate Board.

The vacancy rate remains at a troubling 1.6 per cent and, combined with high rent, has made the market difficult to navigate for renters and has contributed to Toronto's reputation as being one of the least affordable places to live.

These numbers don't exactly provide much solace, sadly, but thanks to new provisions that have been enacted by the government, a shift toward a more reasonable rental market may be on the horizon.

Lead photo by

Lori Whelan


Join the conversation Load comments

Latest in City

Ontario hospitals ask government to send Toronto back to Stage 2

Toronto's top doctor recommends new rules for restaurants as cases surge

Doug Ford says Ontario has entered the second wave of COVID-19

Drum circle held at Trinity Bellwoods Park in Toronto with little distancing or mask usage

Unreal photos and videos show Toronto disappearing under dense blanket of fog

Casinos are reopening in Ontario today and most people think it's a terrible idea

Employee at IKEA store in Toronto confirmed to have COVID-19

Toronto has had enough with anti-mask protesters as COVID numbers rise