Living in the 6ix can be expensive, but that doesn't mean you still can't find some cheaper deals. This month, it was announced that Toronto rent prices have dropped significantly. According to Toronto Rentals, the average monthly rent for an apartment has fallen to $2,185, which marks an 11% decrease when compared to last year's price tag.
The pandemic, which has lowered the cost of living in all of Toronto's neighbourhoods, has forced some landlords to resort to drastic measures to attract new tenants.
Lucrative deals, such as free months of rent or additional amenities, are being offered at buildings in an attempt to convince residents to move.
Editor's Choice: Ontario Is Getting A Minimum Wage Bump Next Week (VIDEO)
The decrease in rent prices has made some of the city's most affordable neighbourhoods even cheaper.
For example, South Parkdale is now recording an average rent of $1,963. A whopping 15% drop from the $2,321 it was back in 2019. This makes it the cheapest spot to rent in all of Old Toronto.
Other attractively priced areas include St. James Town and Mount Pleasant West, which have averaged a price of $2,043 and $2,127, respectively.
Meanwhile, some of Toronto's most posh locations to live have lowered in rent prices as well.
Bay Street Corridor, a neighbourhood that once held an average rent of nearly $3,000, dropped down to $2,450 back in August.
Lake lovers rejoice! Living on the city's Waterfront communities has also become more accessible to the public, with prices dropping down 16% from $2,774 to $2,331.
Despite the dip in rent prices, the 6ix is still one of the most expensive places to live in Canada.
With price tags on rent still being well over $1,500 in most areas, there are some other cheaper options if you want to move out of the city.
If you don't mind living in some smaller towns, there are multiple houses for sale across the province that are going for under $50,000.