After taking a hit at the start of the year, rental prices in the Greater Toronto Area have shot upward once again, particularly in Etobicoke.
In its GTA Rent Report for February, liv.rent stated that average prices for one-bedroom rentals rebounded following a massive dip in January. Although downtown Toronto and Etobicoke helped to send prices up, on the aggregate, most GTA cities have seen notable increases since the previous month.
February rental prices for one-bedroom unfurnished properties in the GTA have climbed to $1,790, up $112 from January’s low of $1,678 and $24 more than December’s 2021 average of $1,766. According to liv.rent, the sudden recourse in GTA rental prices may mean that the drop in January rental costs “may have been an anomaly, after all.”
Etobicoke, Vaughan-Richmond Hill and Mississauga reported the highest price increases to one-bedroom unfurnished rentals, which grew 22.23 per cent, 5.43 per cent and 8.15 per cent month-to-month. In downtown Toronto, prices in this category were up 4.57 per cent monthly.
For February, this makes Etobicoke the most expensive GTA neighbourhood for an unfurnished one-bedroom rental property, worth $2,145. Downtown Toronto followed behind in second place with an average rental cost of $1,910 for the same rental type, and was reported to have the most expensive unfurnished two- and three-bedroom rentals for February at $2,480 and $3,183.
Brampton retained its title as the least expensive place to rent an unfurnished one-bedroom home, which you can lease for an average of $1,544. The cheapest unfurnished two-bedroom rentals could also be found there for $1,830 a month, while Scarborough offers the least expensive three-bedroom rentals for February at $2,418.
For furnished one-bedroom rental homes, prices climbed 13.38 per cent, 12.19 per cent and 5.02 per cent month-to-month in Etobicoke, North York and downtown Toronto. Vaughan-Richmond Hill reported a steep monthly price drop of 18.02 per cent for rentals the same category.
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Across the board, downtown Toronto had the most expensive furnished one-, two- and three-bedroom rentals for February, now valued at $2,069, $3,032 and $3,869. Brampton reported the cheapest furnished one-bedroom rentals at $1,320, while Scarborough had the lowest two- and three-bedroom prices of $1,647 and $2,256.
Across the GTA, the average rent for a one-bedroom furnished rental — valued at $1,734 — eclipsed the price of a one-bedroom unfurnished rental, which is now worth $1,790.
“Once again, we’re seeing that furnished one-bedroom units are cheaper on average than their unfurnished counterparts – with the latter more affordable by $56 this February,” explained the report.
