Finding affordable rent in the GTA may have been a challenge for people in a city that saw a reported increase in rent prices at the beginning of the month.
But don't fret, because some rent prices in and around Toronto are now taking a bit of dive as we head into the spring months of 2022.
A report by TorontoRentals, which looked into data on residential spaces for rent in the GTA area from February of 2022 to March 2022, revealed that the average monthly rent has gone down in some areas, including the downtown core.
"A majority of the municipalities in the GTA experienced slight declines in their average monthly rental rates. Toronto experienced a month-over-month decline of 0.4%, Mississauga experienced a monthly decline of 0.9%, and Scarborough experienced a monthly decline of 3.8%," President and owner of the Bullpen Research & Consulting Inc., Ben Myers, said in the study.
If you're jumping onto the rent hunt for an apartment or condo soon and want to know where's the cheapest right now, here's how much average rent costs, ranked from lowest to highest in price, according to the report:
- Scarborough ($1,764)
- Ajax ($1,833)
- Brampton ($1,855)
- East York ($1,858)
- Markham ($1,888)
- North York ($1,961)
- York ($1,979)
- Vaughan ($2,040)
- Mississauga ($2,062)
- Etobicoke ($2,100)
- Toronto ($2,303)
Map of average rent in Toronto from Feburary 2022 to March 2022. TorontoRentals
The report showed that the average rent since April 2021 has gone up for 10 of the last 12 months. Rent in March averaged out at $2,182 across all property types in the GTA, but has gone down by just over 1% since February 2022.
"After strong rent growth in the second half of last year, average rents in the GTA have started to flatten out, with most of the major municipalities in the GTA experiencing monthly declines. The monthly declines are across the board by geography, property type and bedroom count," said Myers.