apartments for rent

Toronto apartment rents drop again but one GTA community has the cheapest places

Apartment rents in Toronto took a dip in the new year, according to a new report, but some areas are less expensive than others.

Rents dropped during the start of lockdowns in Toronto, but prices spiked last month. Though it seems the new year has brought lower rents again, with the average rental price for a one-bedroom unfurnished unit down to $1,678 from $1,766 in December, according to the first report of 2022.

"Prices have largely returned to more normal levels in key areas, led by sweeping drops in rental averages in Downtown Toronto itself," the report states.

Downtown has seen significant decreases following December's price increases, with rent for unfurnished one-bedroom units declining a massive -16.37 per cent, according to the report.

There is good news if you are looking for a furnished place — the average difference in price between furnished and unfurnished units for the GTA as a whole is now just $25.

But bad news if you want a place in Markham. Rents there have increased for both furnished units at $1,825 and unfurnished at $1,638.

apartments for rent

Chart via

If you are willing to make a move out of Toronto, Brampton is once again the most affordable municipality in the GTA. An unfurnished one-bedroom unit in Brampton can now be had for an average of $1,502. Compared to about $1,827 for Toronto's downtown core — a difference of $325 a month.

But making a move to Brampton is not for everyone, even for a significant savings. Let's hope efforts to implement a rent freeze pan out and keep prices comparatively low.

Lead photo by

Syed Ahmed

Latest Videos

Join the conversation Load comments

Latest in Real Estate

This $3.4 million modern home was designed by a prominent Toronto family

This lavish Toronto mansion's price was slashed by $3.5 million in just a year

Here's what the average Toronto home price will get you in 5 major U.S. cities

An Ontario region's home prices are expected to drop by over $100K in 2023

French Chateau-inspired mansion in Toronto drops its asking price by $2.4 million

This Ontario city's home prices are expected to nosedive by $114K in 2023

This $5.9 million Toronto mansion comes with a massive coach house

Young adults in Toronto face way greater living challenges than their parents ever did