Want to know how much more you’re spending on rent than folks on the other side of town? Now, there’s an easy way to find out. Rentals.ca has released its latest Toronto rent report along with a breakdown of the average price of rent in every downtown neighbourhood.
In December, the average price per month across all properties in the GTA was $2,150, which is 0.8% less than in November, the report says.
A map provided by Rentals.ca shows the average price per Toronto neighbourhood, with a colour-coded scale to indicate which areas are cheapest and which are most expensive.
Only a handful of neighbourhoods are considered most affordable in the city, with an average cost of less than $2,000 per month.
Cabbagetown South-St. James Town has the cheapest rent at $1,722 per month on average, followed by South Parkdale at $1,772, Wychwood at $1,780 and University at $1,902.
On the more expensive end, there’s Waterfront Communities-The Island at $2,532 per month and Niagara at $2,528 per month on average.
The plummeting prices we saw throughout the pandemic seem to have bounced back and in fact, experts predict that by late-2022, we’ll be seeing prices even higher than in 2019.
“Rapid resale price growth and anticipated interest rate hikes will likely continue to fuel tenant demand, with the expectation that rents will surpass their late-2019 peak levels by the end of 2022,” said Ben Myers of Bullpen Research & Consulting in the report.
If you’re willing to live outside of the downtown core, you could save some serious cash by living in one of the GTA’s cheapest cities for renting. Or, you could join the growing number of folks moving all the way to North Bay.