While the pandemic has been a tough time for nearly everyone, one saving grace is that it has resulted in rent prices in Toronto declining significantly.
However, with the world slowly but steadily coming back to life despite rising COVID-19 cases across Toronto, rental prices are starting to increase in the city — though they’re still a little lower than many people likely assume.
According to new data from Zumper, as first reported by BlogTO, one-bedroom units in Toronto rented at a median price of $1,770 per month as of August 2021. This is significantly under the $2,300 median average back in February 2020 before the start of the pandemic and even cheaper than the $2,070 median price 12 months ago.
Zumper’s report goes on to reveal that median rental prices are rising more slowly year-over-year than any other major Canadian city. For example, rent prices were down 14.5 percent in August of 2021 versus August 2020; even two-bedroom units are down 14 percent over the same period to a medium price of $2,260.
As the city slowly comes back alive and people begin to be more attracted to downtown city life again, prices will likely start to increase significantly over the next few months.