Finding an affordable Toronto apartment to rent is certainly no walk in the park. Rising Toronto rent prices and low vacancy often have Torontonians paying a bit more than they bargained for. In fact, Urbannation, a Toronto-based market analysis firm, reported back in October that residents are now paying an average of a whopping $2,515 per month to live in a rental apartment in the city.
However, it's not just Toronto that are seeing these rising rent prices. Back in December of 2019, a Rentals report estimated that rent in Mississauga was expected to rise by at least 8% in 2020, putting the region on track to beat Toronto's jump, which the same report places at about 7%.
Still, despite the reality of Toronto’s renting future, there are still affordable places to be found in the GTA, you just have to know where to look for them.
Some areas of Toronto are known for cheaper rentals than others, and $1,500 can go a lot farther outside of the city centre.
Luckily for you, we've compiled a list of cheap apartments across the city.
Each location is unique in its own way, from shared rooms to basements.
So, let’s dive in and see if anything suits your fancy and, of course, your budget.
Shared Downtown Room
Address: 9 Grand Trunk Cres., Toronto, ON
Description: This private downtown bedroom includes a personal washroom and wardrobe. The place offers a stunningly wide view of the lake. The room and apartment are fully furnished.
Fully-Renovated York Apartment
Address: 510 Dawes Rd., East York, ON
Description: Apartments at this building are all fully renovated with beautifully restored balconies, modern kitchens, new washrooms, and parquet floors.
Modern One-Bedroom in North York
Address: 4340 Bathurst St., North York, ON
Description: This surprisingly modern apartment, which comes with a semi-detached kitchen island, is located in a quiet residential neighbourhood near Earl Bales Park. It's perfect for anyone who prefers a comfy, low-key living situation.
Fully-Finished Lakeside Pad
Address: 240 Lake Promenade, Toronto, ON
Description: This bright, newly renovated rental apartment, located on the shores of Lake Ontario, offers stunning views of its encompassing park and lake.
Shared Downtown Basement
Address: 455 Front St. E., Toronto, ON
Description: This downtown pad is another shared room situation. However, its pricing is hard to beat for the area. It's a good fit for anyone who wants to be where the action is but doesn't want to pay upwards of $2,000 a month.
Spacious York Basement
Address: 41 Lacey Ave., York, ON
Description: This large basement apartment gives you the space for cheap. If you've ever wanted an affordable place where you can entertain guests, this would be an excellent apartment for you.
Bright Parkdale Spot
Address: 35 Spencer Ave., Toronto, ON.
Description: This spacious apartment has bright pink bathrooms, which might not be your jam, but it's also a great deal, especially for its location.
Two-Bedroom Basement By Victoria Park
Address: 2487 Gerrard St. E., Scarborough, ON
Description: This cozy little basement spot, located close to the Victoria Park subway, is fully renovated and features modern appliances. Perfect for students or working professionals who don't mind sacrificing a view for savings.