For most people, renting in Toronto is by no means affordable, but that’s the price we pay for living in a city as cool as ours. However, if you’re looking to save on living costs, you can set your sight on the cheapest areas to rent in Toronto, and steer clear of the pricier parts of town.
According to the latest report by TorontoRentals.com, the average rent was up 2.7% month over month and 21% annually this past August.
That brings Toronto’s average rent price to a whopping $2,528 per month. But, prices in certain neighbourhoods are still much lower than the city’s average.
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The report calculates the average cost of rent for all property types since the start of 2022 and breaks them down by neighbourhood.
According to the report, the areas with the most expensive rent for each property are as follows:
- Studio – Little Portugal $1,951
- 1 bedroom – Bay Street Corridor $2,460
- 2 bedroom Casa Loma – $3,567
- 3+ bedroom – Yonge – St.Clair $4,805
The report says that these neighbourhoods are the cheapest for renting in 2022:
- Studios – Kensington – Chinatown $1,390
- 1 bedroom – O’Connor – Parkview $1,478
- 2 bedrooms – O’Connor – Parkview $2,001
- 3 bedrooms – O’Connor – Parkview $2477
Across all property types, the most expensive area to rent is the Bay Street Corridor (south of Yonge Street) at $2,779 per month.
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“It costs about $1,000 less per month to rent in the O’Connor-Parkview neighbourhood (west of Victoria Park, south of Eglinton, and north of Taylor Creek in the East York area) than in the Bay Street Corridor,” the report says.
TorontoRentals says that the increased demand for renting is being fuelled by the rise in interest rates, which has led to a “swift decline in home sales.”
“With future rate hikes still on the table, the increase in tenant demand and a shortfall of rental supply will continue for the rest of this year,” says the report.
If you’re in need of a new place to live, at least you know where to look if you want to save some cash.
