If you feel like renting in Toronto is a substantial financial commitment, you're not wrong — but new numbers suggest things are (kind of) calming down.
According to liv.rent's June 2025 data, average rent prices in Toronto have dipped slightly, giving renters in the city a small window to breathe.
Furnished one-bedroom apartments in Toronto are now averaging $1,970 a month, while unfurnished ones sit at $2,078 — a bit of a twist since you're now paying more for fewer features.
It's a reversal from previous trends, when furnished units were more expensive. Whether this is a seasonal blip or a sign of deeper market adjustments is uncertain.
But the real drama is not in Toronto — it's between Oshawa and Oakville.
Currently, Oshawa is the cheapest spot in the GTA to rent an unfurnished one-bedroom at just $1,774 a month.
Compare that to Oakville, where the same kind of unit is going for an average of $2,300 a month, and that's a $526 difference every month. That adds up to more than $6,300 a year. That's a whole lot of extra dough to fork out!
Oakville has close proximity to Lake Ontario, quiet tree-lined streets, and beautiful-looking homes, but Oshawa might be the better choice for renters who are willing to trade a little prestige for a whole lot of savings. And it's right on the lake, too.
Across the rest of the GTA, Mississauga, North York, and Scarborough showed more minor shifts — some up, some down — but nowhere else came close to the kind of gap you'll see between these two suburban opposites.
Surprisingly, an unfurnished one-bedroom in Oakville ($2,300), Markham ($2,242), Etobicoke ($2,184), Vaughan-Richmond Hill ($2,176), or North York ($2,144), is more expensive than Downtown Toronto ($2,128).
The average rent costs in the GTA for an unfurnished property.liv.rent
Conversely, a furnished one-bedroom Downtown ($2,517) is still more expensive than any other area in the GTA.
If you're fed up with sky-high rent but still want to stay close to Toronto, it might be time to rethink which side of the 401 you call home.
This article's cover image was used for illustrative purposes only.
AI tools may have been used to support the creation or distribution of this content; however, it has been carefully edited and fact-checked by a member of Narcity's Editorial team. For more information on our use of AI, please visit our Editorial Standards page.