Living in Toronto comes with many perks, but the cost of rent sure isn’t one of them!
If you’ve ever wondered how much the average Torontonian is paying for rent in the city, liv.rent has released its January 2024 Rent Report and it has all the details on what the first month of the year looks like for renters in Toronto.
The good news? Rent has gone down this month…a little!
According to the report, “Average monthly rent prices in Toronto have dropped again this January, for the fourth consecutive month. As of this month, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,269, a $15 decrease since December.”
As a whole, however, rent has increased for Torontonians based on numbers from January 2023 with the report stating, “Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $190 since January 2023.”
When it comes to what neighbourhoods will cost you the most for a rental, liv.rent’s January report shows Downtown as the most expensive for an unfurnished one bedroom at $2,435, $3,119 for an unfurnished two bedroom and $3,961 for a unfurnished three bedroom.
Following that is York at with an unfurnished one bedroom averaging 2,218, a two bedroom 2,809 and a three bedroom 3,681. East York is next at $2,269 for an unfurnished one bedroom, 2,924 for a two bedroom and 3,660 for a three bedroom. Etobicoke North York, and Scarborough follow in that order.
Oh, the prices we pay to live in this magnificent city!