We can reap some interesting insights when looking at the rental market from the macro level – such as the fact that a one-bedroom apartment is nearly 50 per cent more expensive to lease in Toronto versus Montreal or that it costs a mere $384 to rent a studio in Troi-Rivieres, Quebec; the “cheapest city to rent” a bachelor in Canada.
But delving deeper and looking that the numbers under the microscope – block by block, rather than city by city – has its own merits too. Especially for motivated RentSeekers who know exactly where they want to live.
TheRedPin, a full-service brokerage that carries one of the Greater Toronto Area’s biggest database of homes for sale, addressed that exact question for Canada’s largest metropolis.
After identifying the major focal points of downtown Toronto – the street corners that receive the most pedestrian foot traffic in the city and that connect directly to public transit- the brokerage identified how much it costs to rent a condo apartment around these high-demand areas.
It was a story they had first covered from the resale angle but later adapted for rentals. Both average and median rents (which avoids price skewing from luxury properties) were analyzed.
Here was some highlights of the study.
- Rents are reflective of areas around Toronto major intersections, which experience a pedestrian count of at least 17,000 every day
- The cost to rent a condominium apartment in walking distance of these coveted street corners is 14.5 per cent more than the city’s overall average as reported by the Toronto Real Estate Board. Add that up over a year and that’s around $3,281 to rent in the city’s most popular districts.
- One bedroom units are by far in the majority, with 60% more one than two bed condominium rentals around the popular intersections
One Bedroom Rentals
Average costs for 1 bedroom apartments in Toronto’s major street corners = $1,842.
That’s 11.3% more than the city’s overall average!
The median cost of a 1 bedroom rental in Toronto is $1,764.
Two Bedroom Rentals
Average costs for a 2 bedroom apartments in Toronto’s major street corners = $2,883.
That’s 23.3% more than the city’s overall average!
The median cost of a 2 bedroom rental is $2,585.
RentSeeker.ca and TheRedPin, two of Canada’s largest and most popular apartment, condo, and homes sales sites, provide great information on the Canadian rental markets and home sales, so make sure to visit them when searching for your next rental or purchase!
*this study reflects pricing for apartments and condos registered through MLS
