Toronto rental prices have shown little change over the past few months as prices have fluctuated by smaller dollar amounts since February.
In its April 2022 Toronto Rent Report, liv.rent stated that average rents in the Greater Toronto Area have “mostly stabilized.”
Starting off April, the region’s rental average for unfurnished, one-bedroom rentals is $1,776, a $4 increase from March when prices in the same product category equaled $1,772. Compared to February, April prices are down $14 from $1,790.
A few months prior, unfurnished, one-bedroom rental prices in the Toronto region showed steeper price changes. Between December and January, average prices plunged $88 a month to $1,678 before shooting back up $112 into February.
“Although rent prices may be considerably higher than they were this time last year, it’s a relief to see some stability in the area’s rental market,” said the market report.
By community, rents for one-bedroom, unfurnished homes showed little change, growing 2.06 per cent, 0.6 per cent and 6.42 per cent month-to-month in downtown Toronto, Scarborough and Mississauga. For their furnished counterparts, prices for one-bedroom rental homes fell 5.33 per cent and 24.08 per cent monthly in Etobicoke and Markham, but were up 9.49 per cent in downtown Toronto.
“Unfurnished units were mostly stable in terms of month-to-month price change, continuing the relative stagnation that began in February,” stated the report, which added that furnished units reported more large-scale changes.
As of April, there is a $120 price difference between unfurnished and furnished rentals in the GTA, with the cost of a furnished one-bedroom home averaging $1,656 compared to unfurnished properties at $1,776.
For another consecutive month, Bampton is the cheapest place to rent a home in the Toronto region, where the average rent for an unfurnished one-bedroom home equals $1,623. In the same unfurnished category, Brampton also had the least expensive two- and three-bedroom rentals for April, worth $1,822 and $2,451.
By comparison, Toronto reigns as the most expensive market for unfurnished one-bedroom rentals, where they average $2,044.
In April, the cheapest furnished one-bedroom rentals can be found in Markham at $1,201 a month, and the least expensive two-bedroom rentals in Brampton at $1,866. Surprisingly, downtown Toronto had the cheapest furnished three-bedroom rental properties in the GTA for April, priced at $2,792.
