Real data on what renters are paying across Toronto's neighbourhoods — from downtown condos to suburban apartments.
Toronto remains Canada's most expensive rental market in 2026. With a population approaching 3 million in the city proper and over 6.5 million across the Greater Toronto Area, demand for rental units consistently outpaces supply. Understanding exactly what you'll pay — and where — is the first step to securing a good deal in this competitive market.
| Neighbourhood | Studio | 1-Bedroom | 2-Bedroom |
|---|---|---|---|
| Downtown Core (Bay St Corridor) | $2,100 | $2,850 | $3,800 |
| King West / Queen West | $2,050 | $2,700 | $3,600 |
| Yorkville / Annex | $2,200 | $2,950 | $4,100 |
| Leslieville / East End | $1,800 | $2,350 | $3,100 |
| North York (Yonge/Sheppard) | $1,750 | $2,200 | $2,900 |
| Scarborough | $1,550 | $1,950 | $2,500 |
| Etobicoke | $1,600 | $2,050 | $2,650 |
| Midtown (Yonge/Eglinton) | $1,900 | $2,450 | $3,250 |
| Parkdale / Roncesvalles | $1,700 | $2,200 | $2,900 |
| Liberty Village | $1,950 | $2,500 | $3,300 |
Toronto rents hit a peak in 2022 and saw a modest pullback in 2023 as interest rates rose and some investors exited the condo market. In 2024 and 2025, rents stabilized before edging up again in early 2026, driven by continued population growth through immigration and returning international students. Year-over-year increases citywide are running around 4–6% for purpose-built rental apartments and slightly lower for condo rentals.
The purpose-built rental sector has seen the most significant construction pipeline in decades, with thousands of units coming online in outer neighbourhoods and along the Eglinton Crosstown LRT corridor. Despite this, vacancy rates remain historically low at around 1.5–2%, keeping upward pressure on prices.
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Get KOHO Free — Use Code 45ET55JSYAThe standard rule is that rent should not exceed 30% of gross income. At Toronto's average 1-bedroom price of $2,480/month, you need a gross income of at least $99,200/year. For a 2-bedroom at $3,210, you'd need over $128,000.
These are apartment buildings constructed specifically for renting rather than selling as condos. They tend to offer more stable tenancies, professional management, and amenities like on-site laundry and parking. In Toronto, purpose-built rentals built before 2018 benefit from rent control under the Residential Tenancies Act, meaning annual increases are capped by Ontario's rent guideline (2.5% for 2026).
Condos make up a significant portion of Toronto's rental supply. Individual investors rent out their units, creating a fragmented market with variable pricing. Condos built after November 2018 are not subject to Ontario's rent control guidelines, so landlords can raise rent by any amount between tenancy agreements.
Throughout Toronto's older residential neighbourhoods, basement apartments remain a significant source of affordable rentals. Prices vary from $1,200 for a basic bachelor to $2,000+ for a renovated two-bedroom. Always verify the unit is properly registered with the city.
Toronto's rental market moves fast. Units in popular areas often receive multiple applications within 24–48 hours of listing. Here's how to get ahead:
While Toronto is Canada's most expensive rental city, Vancouver typically runs slightly higher for condos in prime neighbourhoods. Calgary and Edmonton offer dramatically lower rents — often 40–50% less than Toronto — with no provincial income tax in Alberta, making them increasingly attractive for young Canadians seeking affordability.
This varies significantly by unit type. In most older apartment buildings, heat and water are included. In condo rentals, tenants typically pay for hydro (electricity) through Toronto Hydro, adding $60–$150/month. Internet is almost always the tenant's responsibility. Parking in downtown Toronto can add $200–$350/month to your total housing cost.
The citywide average for a 1-bedroom apartment in Toronto in 2026 is approximately $2,480/month. Studios average around $1,890/month and 2-bedrooms around $3,210/month.
Rents are gradually increasing in 2026 after a brief period of stability in 2023–2024. Annual increases are running 4–6% citywide, with condo rentals slightly lower than purpose-built units.
To afford an average 1-bedroom without being cost-burdened (spending more than 30% of income on rent), you'd need to earn approximately $99,000/year gross.
For more Canadian financial tools and guides, visit Bremo.io. Also check our guides for average rent in Vancouver, average rent in Calgary, and first apartment checklist Canada.