Apartment hunting anywhere in the GTA can get expensive. However, when it comes to Toronto rent prices, now might be the time to pack your bags. Rental rates are continuing to drop across the GTA, and Toronto Rentals has revealed some of the cheapest cities to live in.
In a report released by Toronto Rentals, it was revealed that the average rent prices in the GTA have dipped down by 6-10% this year in areas such as North York, Markham, Mississauga, and Oakville.
If you're looking to save your wallet, there a few cities that are cheaper to live in than others.
As of May 2020, Burlington, Scarborough, Ajax, and Pickering should be your top choices for cheap rent.
All of these areas have an average rent for all property types that sits below $2,000.
Pickering is the cheapest on the list at an average cost of just $1,860.
Opposed to Toronto's average price of $2,380, it seems pretty affordable.
On the downside, it does put you about 30 minutes outside of the city, so if you don't like commuting, you might want to swing for Scarborough.
Ajax comes in as the second cheapest city with the average rental rates of $1,915.
Scarborough is just slightly more expensive, clocking in at $1,923 a month.
Meanwhile, areas like Brampton, Richmond Hill, and Milton have seen an increase in pricing. So if you're looking for a place to settle down, you might want to avoid these hotspots.
If you're looking to take advantage of these dropping prices, you might want to act now.
"Rental rates may not fall further, because the demand for rental accommodation is expected to pick up as the lockdown ends," the report states.
However, if you have your heart set on living in downtown Toronto, there are some areas of the city where you may be able to find yourself a cheaper deal.