We love living in Toronto but it comes at a hefty cost… literally. Renting in the city is not a joke. And if you thought it’s gotten better, think again. Liv.rent has released its February 2024 Rent Report for Toronto and here’s what to know.
Well, rent has gone up all across the board, according to the rental report.
“Average monthly rent prices in Toronto have increased this month, following four consecutive month-to-month declines,” states the report. “As of February 2024, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit stands at $2,324, a $55 increase since January.”
And looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has gone up by $176 since February 2023.
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As for municipalities in and around Toronto, it looks like North York comes out on top as the most expensive for an unfurnished one-bedroom apartment at $2,472.
Downtown Toronto is not too far behind with a one-bedroom average rent of $2,444, and Markham right behind at $2,422. Mississauga, Vaughan-Richmond Hill and Scarborough follow suit, respectively.
If you’re looking for the most inexpensive in the area, an unfurnished one-bedroom unit in Oshawa currently stands at $1,718, according to the report.
But let’s be real, nothing beats living in Toronto.
Karen Doradea
Senior Staff Writer, Toronto – Karen is a multimedia journalist based in Toronto. With a strong knowledge of reporting and editing through all forms of media, she has a true passion for storytelling. She carries several years of journalistic experience and has covered the Toronto scene from local stories to national news. When Karen isn’t publishing fire content, you can find her binge-watching sitcoms on Netflix, at a must-try restaurant, or scrolling endlessly on TikTok looking for the next best thing – News never sleeps.
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