toronto rental market

Average Toronto price for an unfurnished one-bedroom apartment is almost $2,000

This may or may not be suprising - we're guessing the latter - but Toronto's rental average for the month of August has risen, making the average price for a one bedroom almost $2,000.

Data from the August 2022 Toronto Rent Report states you'll need an average of $1,979 to rent a one-bedroom without furniture. 

The report says this month saw "a continuation of the steady upward trend that the region's maintained since the start of the year, with notable increases in rent prices both within the GTA and in surrounding areas."

"Prices have increased in nearly every GTA municipality this month, although just barely — nowhere near the drastic increases of May and June."

Some highlights (not positive) confirm that rent is up $20 from July to August this year and that the demand for student housing is already back up too.

Prices for unfurnished, one-bedrooms in the downtown core are up a whopping 16.31 per cent, which the report states signals a need for short- to mid-term leases.

Furnished one-bedrooms cost $112 more than unfurnished units on average. The average rent for a furnished one-bedroom is $2,091.

Not surprisingly, downtown Toronto had the most expensive rent prices for all listing and housing types for the second month in a row.

York, East York, Etobicoke, North York and Scarborough all had extremely high rental averages as well.

In other news, Niagara Falls currently has the cheapest rents outside the GTA, with the average cost for a one-bedroom at $1,542 - a difference of $437 from Toronto.

More bad news from the report states that rental scams are "more prevalent mow than ever before," with tons of suspicious activity reported on the platform.

I'm betting trends for September stay on this course. 

Lead photo by

Jack Landau

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