How Much Does it Cost to Rent an Apartment in Toronto?

One-bedroom apartments

Toronto is, for the lack of a better word, a very expensive city. Given the tax rates and the cost-of-living crisis that is unfolding all around the world, living in Toronto can be described as a ‘headache’. Getting an apartment for rent is not difficult; it’s the ‘paying rent’ part that can become rather troublesome for people living in the big city. However, not all is wrong in Toronto: with a bit of searching around, you can find an affordable place to live and enjoy all that the city of Toronto offers. Let’s take a look at how much does it costs to rent an apartment in Toronto, but before that, we must understand the factors that determine rent for an apartment. 

One-bedroom apartments

Factors that affect an apartment’s rent in Toronto

There are many factors that determine the rent for an apartment in Toronto. Let’s take a closer look at these determinants and understand how these factors may help you in getting the apartment you want at a price point that does not break the bank for you. 

Let’s get started. 

  • Apartment size (number of bedrooms)

The first and foremost factor for determining the rent of an apartment in Toronto is its size, especially its rooms. Apart from square feet, apartment size can also be calculated by counting the number of bedrooms it might have. Obviously, the more rooms you have, the more the apartment will command in potential rent. However, it is important to note here that room number works in tandem with location and other factors as well. However, generally, a one-bedroom apartment in Toronto will always cost less than a two- or three-bedroom apartment since you get the most space and utility out of the latter. 

  • Location

The second biggest factor in determining the rent of an apartment in Toronto. As you might have heard, it’s all about the location in real estate. Apartments located within the city center will command a premium when it comes to rent, and the primary reason for that will be the central and desirable location that puts it in close proximity to everything useful, whether it’s schools, markets, clinics, or other utilities. The farther away you get from the city center and into the suburbs, the apartment rent will correspondingly decline. For example, within Toronto, the highest rent that you can get is around CAD 3400 for a two-bedroom apartment in the main Toronto area, while the lowest is in areas around the city center, which might be a little off from the main city, where a similar-sized apartment will set you back around CAD 1670 per month. 

  • Building condition

Another one of the major determinants of rent for apartments is the condition of the building itself. You see, the newer and better-made the building is, the better premiums it will be able to justify for its rent. This means that the building won’t have as many problems as older ones, and utilities here will be just fine. On the other hand, an older apartment block or unit will command a lower rent since the perceived usability and utility of older buildings are less. These apartments are more prone to issues like leakages, paint issues, and other construction issues that might adversely affect the quality of living there. This means that the newer the building is, the higher the rent you’ll have to pay for an apartment. 

One-bedroom apartments

How much does it cost to rent an apartment in Toronto?

Considering all these factors and the primary requirement for the tenant, the apartment in Toronto will average around CAD 1000 to anywhere around CAD 2000. This is based on estimates as of 2024 and calculated using an average rent calculator taken from various points across the city. Here is a quick breakdown of apartment rents in Toronto based on size/ bedroom number. 

  • Bachelor’s/ studio apartments: Studio apartments are trendy spaces designed for one or two occupants at most. They have a single bedroom, usually smaller in size, and have all the amenities that a single person might require. Given their small size and limited utility, the rent for these apartments is reasonable, with apartments in the suburbs and usually located outside the city center going for around CAD 1200, while the more premium options will cost you around CAD 2000 per month in rent. 
  • One-bedroom apartments: One-bedroom apartments differ in size from the studio apartments. A one-bedroom apartment will be comfortable for a couple and usually has more space and usability than a comparable studio apartment. Since location will chiefly determine your monthly rent, expect to part ways with CAD 1500 a month for the lower-priced options, whereas the premium options can cost you more than CAD 2800 a month. 
  • Two-bedroom apartments: This is where the most expensive apartment range starts, and for a two-bedroom apartment in Toronto, the rent might be too steep for some people. Given that two-bedroom apartments are upscale and usually have a lot of usable real estate and functionality, expect to pay anywhere from CAD 2200 for the economical options to more than CAD 4500 a month for the premium apartment rentals. 
  • Three-bedroom apartments: These apartments usually command the highest premiums and rental payments. With excellent space and real estate available for the tenants and coming with a host of other features and amenities on call, three-bedroom apartments can run up in rent, especially if they are near or in the city center and located in a very lucrative block. Starting from CAD 3000, the rents only go up. A nice three-bedroom apartment in Toronto will cost you more than CAD 6000 monthly rent. That is quite a lot of money for an apartment on rent, but the utility, usability, and convenience you get with such apartments are simply unmatched. 

One-bedroom apartments

The bottom line

In the case of Toronto apartment rentals, many people looking to rent an apartment tend to look outside the main city center to keep costs down. However, that should not be the case; many service providers will get you a decent apartment that fulfills your requirements without costing you an arm and a leg. Yes, in the great city of Toronto. Getting an apartment for rent is easy now; let us explain how.

Toronto Boutique Apartments: apartment rentals made easy!

With the best 1-, 2- and 3-bedroom apartment rentals in the city, Toronto Boutique Apartments (TBA) has a track record of providing excellence for both long-term and short-term rentals. If you are visiting the great city of Toronto, check us out and select yours from a wide range of apartments available. On the other hand, if you are looking for a long-term rental that keeps the costs under your control, TBA has a wide range of options for that as well. So, check us out and experience the gold standard in luxury apartment rentals in the city of Toronto.

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