The average cost of a one bedroom rental in Toronto just dropped by $10
Wow! Do my eyes deceive me, or did Toronto rent prices just go down a very, very little bit?
It's true, according to Padmapper's most-recent analysis of hundreds of thousands of active rental listings across the country.
The apartment hunting website, which keeps tabs on the median asking rents for Canada's 24 most-populous metro areas, released its May 2019 rent report on Wednesday.
One bedroom apartments in Toronto are now going for the low, low bargain price of just $2,250 per month on average. That's a full 10 dollars less than what we saw in December when the market peaked at $2,260.
Toronto remains the most expensive city in Canada for renters, however, beating out even Vancouver (which just hit $2,130 per month) in terms of how much money it costs to rent a one-bedroom apartment in the city.
Also, one bedrooms are actually up in Toronto, year over year. In May of 2018, the average rent for such a unit was around $2,200.
Two bedrooms have remained relatively flat over the past month, though they, too, are up quite a bit year over year at $2,850 per month as of May 2019.
A full breakdown of all 24 cities pegs Windsor, Ontario as the cheapest metropolitan area in Canada right now for renters. You can still score a one-bedroom there for just $800 a month.
"Overall, 8 cities saw an upward trend, 3 downward, and 13 remained stable last month," reads May's Canadian rent report. "As the hot moving season begins, we should expect to see rents grow on a monthly basis."
Of course we can.
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