The difficulty of affording Toronto rent is well-documented at this point, but 2021 is apparently bringing a bit of relief in almost every single neighbourhood in the GTA.
According to a new report from rental platform liv.rent, the average rent in a furnished apartment is a lot lower than it was in 2020 in almost every single GTA region — except for one.
Markham is the only neighbourhood in the area that has seen its average rent go up since last year, with Downtown Toronto seeing the biggest drop at 14.4%.
Despite the drops, liv.rent suggests that most prices are beginning to bounce back up. According to the report, Brampton and Mississauga showed "significant recovery" from Q1 2021, only dropping 13.2% and 8.3% in Q2 2021 from their Q2 2020 prices, compared to dropping 24.1% and 17%, respectively, in Q1.
And even though Downtown Toronto's prices are way lower than they were in 2020, it's still the most expensive place to rent in the city. The average rent for a furnished apartment in the area is $2,525, with unfurnished apartments at $2,338.