Toronto Rent Prices
Toronto Rent Prices in 2024: Trends, Insights, and What to Expect
Toronto’s rental market is a dynamic reflection of the city itself: ever-evolving, diverse, and full of opportunities. In 2024, the market has showcased a mix of rising rents, neighbourhood-specific fluctuations, and signs of stabilization. Whether you’re a renter seeking your next home or simply curious about the city’s real estate trends, here’s everything you need to know about Toronto rent prices this year.
Current Rent Prices in Toronto (2024)
As of November 2024, Toronto’s median rent stands at $2,500, which is 25% higher than the national average. However, rent prices vary significantly depending on unit size and type:
Studio Apartments: $1,888 (9% increase from last year)
1-Bedroom Units: $2,284 (11% increase from last year)
2-Bedroom Units: $3,087 (20% increase from last year)
3-Bedroom Units: $3,962 (13% increase from last year)
4-Bedroom Units: $4,975 (64% increase from last year)
While some unit types have seen double-digit percentage increases, others have shown signs of stabilization, hinting at a cooling market.
Signs of Change: Cooling Market Trends
Despite these price hikes, the Toronto rental market has also seen a cooling effect in some areas. Over the past year:
Overall rent prices have decreased by 11%.
The average rent for an unfurnished 1-bedroom unit dropped to $2,248 in September 2024—$113 lower than the same time last year.
Neighbourhood Variations: Where You Live Matters
Toronto’s diverse neighbourhoods offer a wide range of rent prices, catering to different budgets and lifestyles.
Most Expensive Neighbourhood: Bay Street Corridor, where the average rent is $3,250. Known for its luxurious condos and proximity to downtown, this area is a favourite for professionals and executives.
Most Affordable Neighbourhood: Parkdale, with an average rent of $2,271. A vibrant and artistic community, Parkdale offers a mix of affordability and charm.
For those exploring Toronto, understanding neighbourhood-specific trends can help you make informed decisions.
Furnished vs. Unfurnished Rentals
One notable trend in 2024 has been the sharp decrease in rent prices for furnished units:
The average rent for a furnished 1-bedroom unit dropped by $304 (-12.32%) since June 2023.
Scarborough saw the largest decline at -21.30%, followed by East York (-17.51%) and North York (-10.66%).
If flexibility and short-term leasing are priorities, this might be an excellent time to consider a furnished rental.
What to Expect in 2025
While it’s impossible to predict Toronto’s rental market with certainty, here are some key factors shaping 2025:
Stabilization or Decline: As the market continues to cool, renters may see further stabilization or slight decreases in rent prices.
Increased Supply: Record population growth has boosted rental demand, but more listings are giving renters better choices and negotiation opportunities.
Economic Influence: Inflation, employment rates, and interest rates will play a significant role in determining rent prices.
Government Policy: Potential changes in rent control or housing policies could have a significant impact on the market.
Tips for Renting in Toronto
Plan Early: With competition still high, start your search well in advance.
Explore Neighbourhoods: Areas like Parkdale and East York offer affordability without sacrificing charm or convenience.
Compare Furnished vs. Unfurnished: Furnished units may now offer better deals, so weigh the pros and cons based on your needs.
Leverage Cooling Trends: Use the market stabilization to negotiate rent or secure better terms on your lease.
Toronto’s Rental Market: Opportunity Awaits
Toronto’s rental market in 2024 is one of contrasts—rising prices for some unit types and areas, but signs of moderation in others. For renters, this means opportunities to find the perfect apartment, whether you’re looking for a luxury high-rise downtown or a cozy unit in a quieter neighbourhood.
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