Toronto area rental prices are levelling off

While the pandemic may have caused quite a stir in the rental market, it appeals that the Greater Toronto area is starting to level out as the world returns to normal.

Since June, the average price for an unfurnished one-bedroom unit has remained relatively consistent at around $1,700. The only outlier was July where the average dropped to $1,650. Either way, this could be good news for Torontonians since pre-pandemic rental prices were so high.

The highest average rent in the area is downtown Toronto with a price of around $1,871 for a 0ne-bedroom apartment. If you’re looking for somewhere cheaper to rent, Brampton has the lowest cost, with an average of $1,486.

Markham, Scarborough and the Vaughan-Richmond Hill area also have cheaper rent, with average prices falling in the $1,500 to $1,600 range.

If you’re looking for a two-bedroom unit, the prices fluctuate a bit more. Toronto units start at $2,465 while Brampton options are closer to the $1,800 mark.


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