Here's How Much Rent A One-Bedroom Apartment Costs In The GTA & Avoid These Spots
TBH it's not looking too good. 🥵
Highrise apartments in the GTA.
Renters looking for a one-bedroom apartment in the GTA might be hard-pressed to find a place for under $2,000, according to the latest rental market report by the Toronto Regional Real Estate Board (TRREB).
On Thursday, April 21, the TRREB dropped its rental market report for the year so far, and it's looking like average rents are going back to what they were before the pandemic.
According to the report, the average rental costs for these units are $2,145 per month, which is a huge jump from what these places were going for this same time last year when they were costing renters an average of $1,820 each month.
"Over the past year, we have seen an upward trend in average condominium apartment rents. This rebound in the rental market took hold as population growth accelerated throughout last year," chief market analyst for TRREB, Jason Mercer, said in the report.
Mercer also noted that rentals will likely be more sought out by younger people due to the higher borrowing costs that come with landing their dream homes.
Here's how much rent is across the GTA
If you have your sights set out to rent right in the 6ix, be prepared to cough up $2,153 each month on average for your one-bedroom.
Toronto isn't boasting the highest rents right now though, as those renting in Innisfil are paying an eye-watering $2,621 to rent their one-bedroom apartments each month, still according to the report by TRREB.
Rent in King is also making major dents in residents' paycheques with one-bedrooms going for $2,450 a month. Aurora and Whitby are also pretty pricy with their one-bedrooms going for $2,338 and $2,267 each month, respectively.
Not all hope is lost if you're looking to rent a one-bedroom apartment in the GTA for under $2,000, though it's still not exactly cheap when you take in what other Canadian cities are shelling out each month.
Orangeville has the cheapest rent at $1,750 per month for their units, and Oshawa is a close second at $1,762 each month.
Here's how much the average rent costs for one-bedroom apartments across the GTA right now:
- Burlington, $2,101/month
- Milton, $1,981/month
- Oakville, $2,133/month
- Brampton, $2,009/month
- Mississauga, $2,181/month
- City of Toronto, $2,153/month
- Aurora, $2,338/month
- King, $2,450/month
- Markham, $2,050/month
- Richmond HIll, $2,082/month
- Vaughan, $2,080/month
- Ajax, $2,021/month
- Clarington, $1,910/month
- Oshawa, $1,762/month
- Pickering, $2,150/month
- Whitby, $2,267/month
- Orangeville, $1,750/month
- Bradford West Gwillimbury, $2,000/month
- Innisfil, $2,621/month
This article's cover image was used for illustrative purposes only.