Toronto has the most expensive monthly rent, but still can find the cheapest
The average Toronto rent has risen $525 since July 2021, but real estate’s golden rule — location, location, location — has dictated which neighbourhoods have seen “unprecedented” growth, and where relatively reasonable rent can still be found.
According to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report, the most expensive rent in the city can be found in the M4W postal code.
Encompassing neighbourhoods like Rosedale, Yorkville, and parts of Midtown, the average rent for all property types in the area hit $3,447 in July, an annual increase of 26%.
City-wide, the average rent last month was $2,667, a 24.5% jump from July 2021.
The highest annual rent increase was seen in postal code M4E, which includes The Beach and Upper Beaches. Average rents rose a staggering 52% year-over-year, reaching $2,756.
However, the report notes the sample size area for M4E was “relatively small,” and that the “outsized growth” can likely be attributed to the composition of units.
The second-highest annual increase — and the second-highest rent in the city — is in the M5V postal code, which includes the Fashion District, Entertainment District, and CityPlace. The average rent in the area rose 43% between July 2021 and July 2022, reaching $3,203.
On the other end of the financial scale, the cheapest rent in Toronto can be found in postal code M6E. The average rent for all property types in the area, which includes Corso Italia, Caledonia, and St. Clair West Village, was $1,854 in July, an annual increase of just 7%, and $1,593 below the average.
It’s one of just four postal codes in Toronto where the average rent remains below $2,000 per month. In postal code M1L — Oakridge, Clairlea-Birchmount, and Golden Mile — it’s $1,897, and in M4C — The Danforth and Woodbine Heights — it’s $1,981.
In M4B — East York and O’Connor-Parkvie — the average rent is $1,860. It’s the only part of the city where rent didn’t increase on an annual basis last month.
Also, in some decent locations, someone in North York is renting out a tiny basement with half kitchen in the bedroom.
While another one in the city rent out their living rooms or “bedrooms” in shared hallways, this landlord is seeking someone to pay $900 per month for a private basement apartment near Leslie subway station in North York that, at 240 square feet, has to have a very creative layout. In the bedroom, the tenant will find their bed, a small window, dining table/desk and a basic IKEA dresser. At the top of the dresser sits a toaster oven and next to it, a mini fridge and microwave that will serve as basic kitchen appliances.
This article was reported by Daily Hive on Aug. 30, 2022.