Toronto Apartment Rental
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Are you looking for Toronto apartment rental information? If you’re thinking about living in Toronto and need information on Toronto condo rental, house rental or apartment rental, here’s some information on the subject.
Recently, Toronto has seen a very low vacancy rate but due to the amount of new houses, condos and town homes being built in the city, the rate has risen recently.
Toronto has had quite a hot real estate market for a number of years now and it is a fairly expensive city by Canadian standards although housing costs pale in comparison when compared to many large US, European and Asian cities.
Figuring out the cost of a Toronto apartment rental largely depends on what part of the city you’re interested in. I’m most familiar with the downtown market where I began living in 1999.
In general terms, a Toronto apartment rental or condo rental in the downtown area for a one bedroom unit in a decent part of town could see you paying around $1,200 CDN - $1,400 CDN per month to start.
Again, you can find lower (and much higher) rentals in certain parts of town but in the downtown core’s most desirable areas, this is a fairly accurate starting range.
Certainly, the waterfront area on Queen’s Quay is one of the more expensive areas and some of the bigger, higher-end units can see monthly rates of $2,000 and up.
Similarly on Bay Street which runs north and south, you can expect to pay similar prices for one bedroom units. There are a number of new condo developments being built currently on Bay Street.
The most expensive area in Toronto is Yorkville which is the area bordered by Avenue Road, Bloor Street and Yonge Street.
12 month leases are the norm although you might find property owners willing to rent for a shorter term.
Parking can be expensive and in my experience you can expect to pay around $150/month for parking rental in a downtown apartment or condo.
It isn’t uncommon to pay up to $20/day for parking at one of the paid parking lots usually found with the green “P” signs that designate it as a city parking lot.
Alternatively, a one month pass on the Toronto Transit Commission (TTC) currently costs which gives you unlimited use of city bus, subway and streetcar transportation. A monthly Metropass costs $99.75/month for an adult and can also be purchased with a 12 month subscription.
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