City life can come with a few dollar signs attached to it.
Finding the perfect rental in the GTA can be more challenging than finding two matching socks. However, with the rising prices in mind, there are some areas that you might want to avoid more than others.
The average rent for an unfurnished one-bedroom unit in the Greater Toronto Area has "risen slightly" by four dollars to $1,776, according to liv.rent's GTA rent report for April 2022.
According to the report, despite the rental market seeing a high annual increase in price, "average rental prices seem to have mostly stabilized across the Greater Toronto Area."
In most areas, prices for unfurnished one-bedrooms across the GTA have "hardly budged." Nevertheless, one of the highest monthly increases can be seen in downtown Toronto. The average price of an unfurnished one-bedroom unit rose by 2.06% in April, and furnished one-bedroom units also saw an average price increase of 9.49%.
Brampton remained the cheapest area to secure a rental in the GTA, with the average rent of an unfurnished one-bedroom unit going for $1,623 monthly.
However, if you're not a fan of Brampton, the second least expensive area to rent in is the Vaughan and Richmond Hill area, with the average rent hitting just slightly higher at $1,647 for an unfurnished one-bedroom unit.
Downtown Toronto, unsurprisingly, takes the cake for the most expensive area to rent within the GTA.
For an unfurnished one-bedroom unit, renters will have to be prepared to pay an average of $2,044 a month to experience life in the city.
- Downtown, $2,044
- North York, $1,830
- Mississauga, $1,816
The three least expensive areas to rent an unfurnished one-bedroom in the GTA are:
- Brampton, $1,623
- Vaughan-Richmond Hill, $1,647
- Scarborough, $1,672