The hunt for rental housing in cities like Toronto and Vancouver has become increasingly competitive and – as a result – confusing. Demand for rental units is increasing and the cost has risen to reflect such an influx. In order to cut through that confusion, we’ve put together the neighbourhoods with the highest and lowest rent in Toronto. All this information comes from the yearly average rents provided by the Canada Mortgage and Housing Corporation, which tracks and reports information on rental prices and vacancy rates.
To simplify things, we’re going to be focusing on one-bedroom rental unit prices; taking information collected in 2017 and assessing the neighbourhood’s growth since 2012. With close to 20 neighbourhoods reporting a 20 percent or higher increase in average market rent between 2012 and 2017, we’re bound to see some big numbers.
Coming in at number one for the highest priced neighbourhood in Toronto is the Bay Street Corridor. Up 1.5% from 2012, this neighbourhood has an average monthly rental cost of $1900 for a one-bedroom unit.
The Waterfront Communities is the second-highest-priced neighbourhood in the city, with one-bedroom rental units coming in at $1883 per month. This is an increase of 23.6% from 2012, meaning people are clamouring to get in.
At number three we have Moore Park, with rental units priced at $1496 on average. This is also a substantial increase of 14.5% since 2012!
Even with these lower numbers, we’re still seeing a lot of interest in these neighbourhoods as reflected in rental price increases over the past five years. In fact, with all the recent transit upgrades, it makes sense that renters are moving further out and simply taking the TTC in for work and entertainment.
Keelesdale – Eglinton West is our third-lowest neighbourhood when it comes to average rental costs. At around $897 a month, this area has seen an increase of 10.7% since 2012, meaning you should keep an eye on it.
Second lowest goes to Rexdale – Kipling area with an average of $887 per month. This is an increase of 2.5% so the demand isn’t as high, but it is growing!
The winner of the neighbourhood with the lowest rental prices is … New Toronto! Located just passed Mimico, New Toronto has an average one-bedroom rental unit price of $821 per month. One of the most interesting things? This is down 1% from the costs in 2012.
With this overview of Toronto neighbourhoods with the highest and lowest rent, we hope you feel a little more aware of the rental situation in the city. Knowing where these neighbourhood prices are, and where they’ve been, helps to give you a bit more insight into the vacancy rates and potential for new builds in certain areas. Follow Medallion blogs for more information about the city, housing, and market demand.