Rent In The GTA Dropped For The First Time In 8 Months & Here's Where It's The Cheapest

Hold on to your hats (and wallets) because rent has finally gone down in the GTA after an eight-month streak of increases.

Toronto Rentals has released its Toronto GTA January Rent Report, which says the average rent went down by 0.8% in December 2021, marking the first decline in prices since April 2021.

This means you may have saved some money last month if you signed a new lease.

The average rent in December 2021 was $2,150 per month for all property types in the GTA, according to the report.

From December 2019 to March 2021, the average rent in the GTA was on a steady decline, dropping to $1,975 by March 2021 before picking up speed in April 2021.

The cheapest location for a one-bedroom in the GTA in December 2021 was in Scarborough, with average rent for a one-bedroom unit costing $1,487 per month. Unsurprisingly the most expensive location was in Toronto, with the average rent of a one-bedroom landing at $2,013.

Oshawa had the second most expensive rent for a one-bedroom in December 2021, with an average rent of $1,917 per month.

Toronto Rentals compromised its report using data "on the average monthly asking rent for Greater Toronto Area ("GTA") rental listings," for all property types from January 2019 to December 2021 listed on its website.

The five cheapest areas to rent a one-bedroom in the GTA in December 2021are as follows:

1. Scarborough, $1,487
2. Whitby, $1,516
3. East York, $1,580
4. Milton, $1,599
5. Vaughan, $1,602

1. Toronto, $2,013
2. Oshawa, $1,917
3. Oakville, $1,905
4. Etobicoke, $1,857
5. Burlington, $1,838