If you are looking for a rental living arrangements in Toronto, there is certainly no shortage of options. There are a wide variety of apartments, houses, townhouses and other dwellings available to rent in both the short and long term.
While prices can be all over the map depending on what type of rental you might be looking for, this article will try to give you a sense of what you can expect.
They say the first rule of real estate is “location, location, location.” Toronto is no exception to this rule, the price to renting real estate varies depending on its whereabouts in the city.
The closer one gets to downtown the higher the prices rise, to the point of doubling or tripling rates of options further out from the core. Another factor to consider is proximity to public transportation, particularly the TTC subway lines.
Since these provide quick and easy access to the rest of the city, renters will tend to pay a premium to be within walking distance to a station.
The downtown core has seen a sharp rises in residential rental space over the past decade or so as condominiums have sprung up like glass and metal dandelions, filling in every spare patch of land.
The majority of condos and apartment buildings are found in an area that forms a ring around the business district centered on Yonge Street and Bay Street.
Of those areas, the lands close to the waterfront have seen the most construction, with huge developments along Queen’s Quay, in the neighbourhood of the Distillery District, and on Fort York Boulevard, located west of Spadina Avenue.
Prices here tend to be the highest, with a one-bedroom apartment going for anywhere between $1300 and $2000 a month, even more. Two-bedroom rentals routinely range above $2000 a month and even towards the $3000 mark.
Of course, while the prices in the core are the highest, the majority of these buildings are quite new and feature a variety of facilities, including gyms, pools and 24-hour security.
Outside of the core, residential rentals in Toronto tend to vary significantly depending on the neighbourhood. For areas just west of downtown like The Annex, Little Italy and Bloordale you will find it is populated by modest houses and smaller apartment blocks.
These dwellings have lower prices that attract students and young professionals, especially in The Annex. Here a basement or bachelor apartment might run as low as $700 or $800, while one-bedroom would be in the $950 to $1150 range, and two-bedrooms in the $1400 to $2000 range.
Rentals for larger groups of people, such as an entire four or five bedroom house, are also common.
As you move further from downtown, prices tend to drop. Neighbourhoods north and south of Danforth Avenue in the east-end have similar housing and pricing to the west-end areas just mentioned above, albeit a bit cheaper.
Residential rentals can certainly be found just about anywhere in the city, but it should be noted that certain districts have more available options than others.
Higher-density apartment blocks are found in neighbourhoods adjacent to major roads such as Yonge Street, Bloor Street/Danforth Avenue, Queen Street and Eglinton Avenue.
Depending on the building, a typical one-bedroom apartment in the Yonge and Eglinton area will cost you $1000-$1500 and a two-bedroom $1300-1800. The Beaches, near Queen Street East, have prices similar to The Annex and Little Italy, while the west-end neighbourhood of High Park is a bit more expensive.
Prospective tenants there can expect to find prices routinely hit the $1400 to $2200 range. Liberty Village, on the western edge of King West, features one-bedroom for around $1300 to $1700 and two-bedrooms up to $2000. It is also worth noting that every area has its luxury rentals as well, which will always cost you a pretty penny more.
As mentioned before, Toronto has seen the construction of a lot of rental units in the past decade or so. However, the location of these is not limited to the downtown core, as large buildings have sprung up in suburbs outside of the city along the major freeways like Highway 401 and Highway 407.
Clusters are found along Sheppard Avenue just north of the 401, in the east-end near Scarborough Town Centre, and near the western terminus of the Bloor-Danforth Subway Line at Kipling Station.
Many buildings here are as sparkling and new as those on the waterfront, but somewhat less expensive (and with cheaper parking). A one bedroom apartment can go for between $1150 and $1400, while two bedroom rentals would rarely be found above the $2000 mark.
There are a wide variety of real estate websites that exist to help prospective tenants. Some of the better sites for checking out rentals in Toronto include viewit.ca and myhood.ca.
They provide a wide range of search options, although they tend to feature properties owned by larger companies, especially large apartment buildings.
Online marketplaces like Craigslist and Kijiji are also good resources, as they tend to provide a good place to look for rentals in houses or smaller buildings.
Find more on residential rentals from Totally Toronto’s real estate section.