According to a new survey from Liv.Rent, the average price of a one-bedroom rental in Toronto has already surpassed $1,900.
The average unfurnished one-bedroom in Toronto will cost renters $1,909 as of the beginning of November, the highest price in the GTA. The price in Toronto is $174 higher than the new GTA average of $1,735.
The GTA average has crossed $1,700 for the first time this year, and is up significantly from October’s $1,693 average.
The month-to-month shift in rent prices varied greatly depending on the neighbourhood. Unfurnished one-bedrooms in Etobicoke, for example, reduced in price by roughly 2.5 percent. Meanwhile, they increased in price by 7.3 percent in Scarborough, the highest increase this month. The cheapest one-bedroom rent in the study, $1,514, increased by 1.9 percent in Brampton.
It’s common knowledge that furnished rentals cost more to rent than their unfurnished counterparts, but the disparity is vanishing this month. Unfurnished one-bedrooms in the GTA were, on average, $11 less expensive than furnished flats.
In Scarborough, Mississauga, Brampton, and Vaughan-Richmond Hill, furnished one-bedroom condos had cheaper average rents than unfurnished one-bedroom units.