It now costs $400 more to rent a Toronto apartment than one year ago

Soaring rent prices continue to trend across the GTA, and a new report reveals that tenants will have to shell out an extra few hundred bucks this year to secure an apartment in downtown Toronto. 

The latest Toronto Rent Report from liv.rent shows that the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased for the second month in a row by $65 since February. 

Rental trends in the GTA since 2022. Source: liv.rent

This brings the region's rental rates to the highest level it's seen since 2022. 

Unsurprisingly, downtown Toronto had by far the highest average rent prices for one-, two-, and three-bedroom units this month. 

According to liv.rent's March 2022 report, the average price for an unfurnished one-bedroom apartment was $2,003 in downtown Toronto. However, the website's March 2023 report reveals that the same units are now going for $2,408, representing an increase of $400. 

Average rent per square foot across the GTA in March 2023. Source: liv.rent

When looking at the GTA as a whole, the average monthly rent for an unfurnished bedroom unit has increased by $441 since this time last year. 

The most common rental property continues to be apartments, representing a whopping 87.52 per cent of active listings. Partial houses, such as basement suites, also remain popular and are the second-most rented unit type at 5.94 per cent. 

Average rent by listing type in municipalities in the GTA. Source: liv.rent

According to this month's report, Vaughan-Richmond Hill had the most expensive rent per square foot, while Markham had the least expensive costs for space on average. 

Brampton also remains the cheapest GTA municipality, with the average price for an unfurnished one-bedroom unit being $1,786, which represents a difference of $622 when compared to a similar unit in downtown Toronto.