Rental costs in Toronto/GTA

Last updated on September 22, 2022

COVID-19 has affected the Greater Toronto Area (GTA) rental market, leading to unprecedented vacancy rates in downtown Toronto. However, over the past year, rental costs began to increase and availability to decrease. This has been the trend for the last decade. Below are the average rental costs as of September 2022.

Downtown Toronto averages tend to be higher than what is listed for bachelor/studio units and 1+ bedroom apartments in the GTA. It is also important to keep in mind that different types of housing range in price. The cost of rental housing differs significantly between a room in a house, a floor of a house, a basement apartment, a unit in an apartment building, or a newer condo unit. Please watch our recorded URent video for a detailed explanation of each housing type.

Toronto/GTA average

• Room: $1,100
• Bachelor/studio: $1,699
• 1-bedroom apartment: $2,099
• 2-bedroom apartment: $2,675
• 3+ bedroom apartment: $3,300

Near St. George (Downtown Toronto)

• Room: $1,300+
• Bachelor/studio: $1,900+
• 1-bedroom apartment: $2,200+
• 2-bedroom apartment: $3,000+
• 3+ bedroom apartment: $3,700+

Near UTM

• Room: $526
• Bachelor/studio: $1,500
• 1-bedroom apartment: $1,750
• 2-bedroom apartment: $2,100
• 3+ bedroom apartment: $2,300

Near UTSC

• Room: $880
• Bachelor/studio: $1,500
• 1-bedroom apartment: $1,800
• 2-bedroom apartment: $2,300
• 3+ bedroom apartment: $3,200