What’s the average rent in Toronto? It might not be what they say

Sources say the average rent in Toronto for a 2-bedroom apartment is about $1,200, but is that really true?

chandler from friends asking 'really?'

But really though?

 

 

 

 

 

 

 

 

 

In fact, the average cost of renting in Toronto can’t really be identified. For one thing, the average is always changing, as more apartments come on the market and as the population of Toronto renters grows.

For example, Settlement.org pegs the Toronto average rent for a 2-bedroom apartment at $1,269.

Numbeo’s figures are reported by the public, and show a 1-bedroom near downtown Toronto to be worth about $1,490, or about $1,125 outside of the city centre.

On RentBoard.ca, the average rent for a 2-bedroom apartment is $1,493.

The BREL Team website puts the average in a whole other league, saying the average for a 2-bedroom is $2,236.

And finally, the most trustworthy but possibly least accurate source, CMHC, put the average price of rent for a 2-bedroom apartment in Toronto at $1,264 for 2015.

Houses with for rent sign

Get it while it’s hot. Or not, considering the pricetag.

 

 

 

 

 

 

 

 

 

 

 

 

 

The Toronto Rentals team did our own research and came up with some numbers that tell a slightly different story. We looked at units that were actually available for rent, and tracked average rental rates for each neighbourhood in Toronto proper (you can see the average rents by neighbourhood in our Neighbourhood Guides). Then, we took the average of those averages, and here’s what we found was the average cost of rent in Toronto.

  • Studio/Bachelor: $1,110.32
  • 1-bedroom: $1,492
  • 2-bedroom: $2,031
  • 3-bedroom: $2,694

Note that these averages do not include rents in North York, East York and anywhere outside Toronto proper.

To get these numbers, we looked at rentals available on all the most popular sites to find rental listings in Toronto, including Toronto Rentals.

They tell a very different story than the conventional wisdom that the average rent in Toronto is around $1,260/month for a 2-bedroom, which most Torontonians would scoff at.

Which numbers best reflect what you’re paying? Let us know!

Born on the Prairies, Erin Cardone grew up knowing there was more to life than canola fields and AAA Alberta Angus. So she escaped, living in Europe and Australia, white-knuckling it through plates of calf brains and raw horse meat, and learning languages she can't remember anymore. After a stint as a jaded, skeptical journalist, she changed tack and began writing rather awesome blogs and showing businesses that advertising is dead, so long live social media, with her businesses Legendary Social Media. She now splits her time between various Canadian cities, Costa Rica and wherever else the wind blows.

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