Toronto rent is finally getting cheaper and maybe there's hope for us after all

Toronto renters, there is a cause to have a mini-celebration. Toronto's rental market is finally cooling off, and for once, it's not just your AC doing the work.

According to liv. rent's April 2025 Toronto Rent Report, the average cost of an unfurnished one-bedroom apartment in Toronto has dropped to $2,126 in April 2025. That's down $127 from this time last year — or basically, one concert ticket and three burrito bowls. Is this what hope feels like?

Even better? It's not just the downtown core that's seeing some relief. Several areas in the GTA have also clocked in lower rental prices, especially for unfurnished listings. And while it's not exactly "cheap," it's still a welcome shift from the relentless price hikes we've all been dealing with.

North York led the charge with the most dramatic decrease in furnished one-bedrooms, down 9.61% to $1,861. Even two-bedrooms and three-bedrooms there saw lower prices — now at $2,613 and $3,254, respectively.

Downtown Toronto followed closely behind, with furnished one-bedrooms dropping to $2,621, while two-bedrooms and three-bedrooms sat at $3,102 and $4,432. Interestingly, the downtown three-bedroom furnished units actually got a bit more expensive.

Mississauga joined the affordability parade, with one-bedrooms dropping to $2,067 furnished and $2,144 unfurnished. Notably, two-bedroom furnished places are now down to $2,239.

And in Vaughan–Richmond Hill, the average furnished one-bedroom now sits at $1,906, while unfurnished listings dropped a solid 4.64% to $2,068 — the steepest drop in that category anywhere in the GTA.

Scarborough was a bit of a mixed bag. Furnished one-bedrooms fell slightly to $1,800, but unfurnished ones crept up to $2,129 — so not ideal. Still, two- and three-bedroom unfurnished units dropped to $2,494 and $3,098, which could mean some wiggle room for those eyeing bigger spaces.

Why the sudden generosity from the rental gods? Experts point to more listings hitting the market and renters having more options to swipe right on.

But before we all start celebrating, a few areas didn't get the memo and actually saw rent prices go up.

Brampton saw the biggest jump in unfurnished one-bedrooms, climbing 2.38% to $1,918, while furnished units also rose to $1,466 — still the cheapest furnished rate in the GTA.

Etobicoke was a mixed bag: furnished one-bedrooms increased to $2,173, but unfurnished one- and two-bedrooms actually dropped to $2,204 and $2,726. Oddly, three-bedroom unfurnished units there rose to $3,189.

Markham, on the other hand, had consistent price hikes across both furnished and unfurnished listings, with three-bedroom unfurnished places topping out at $3,222.

Looking at the overall GTA numbers, furnished one-bedroom apartments now average $2,126, while unfurnished ones are just a bit cheaper at $2,075.

Zooming out a bit, liv.rent also noted that Toronto's average rent overall dropped by $7 between March and April. That might not seem like much, but in this city, any decline feels like a minor miracle.

But before you start throwing moving boxes in the back of your Uber, here is a word of caution: rents are still high compared to pre-pandemic levels. So no, you probably won't be upgrading to a penthouse anytime soon — but at least your current lease doesn't have to feel like financial cardio.

Moral of the story? The rent's still high, but it's not climbing Mount Everest anymore. And in Toronto, that's something worth toasting — preferably with a discounted happy hour cocktail.

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