Good Luck Out There, Toronto's Average Cost Of A One Bedroom Rental Just Hit $2,220
The numbers in PadMapper's report don't look good.
There truly has never been a worse time to rent. The city of Toronto is reaching a new high for rental costs, with the average monthly price of a one-bedroom apartment in the city hitting $2,200.
According to PadMapper, one of Toronto's go-to sites for rental listings, there is a big increase from the average prices last year for both one and two bedroom units.
While a one bedroom is now around $2,200, up 14% from this time last year, the average price of a two bedroom is even more, at $2,820, which has increased a whopping 15.6% from what it was last year.
These numbers all come from PadMapper's 2018 Canadian Rent Report. The report tracks the trends and prices for Canada's different rental markets and ranks them by most expensive.
The most expensive rental market in Canada is a race no one wants to win, but unfortunately, Toronto is coming in first - a top spot the city has held onto for a couple of years now.
Toronto is significantly more expensive than the second place city, Vancouver, where a one bedroom is only $2,050. Rounding out the top five most expensive markets are Burnaby, BC, Montreal, and Barrie, Ontario.
If these numbers are giving you sticker shock, you may want to consider moving to Windsor, On. According to PadMapper, Windsor is the least expensive rental market with a one bedroom unit going for a comfortable $750/month.