Sources say the average rent in Toronto for a 2-bedroom apartment is about $1,200, but is that really true?
But really though?
In fact, the average cost of renting in Toronto can’t really be identified. For one thing, the average is always changing, as more apartments come on the market and as the population of Toronto renters grows.
For example, Settlement.org pegs the Toronto average rent for a 2-bedroom apartment at $1,269.
Numbeo’s figures are reported by the public, and show a 1-bedroom near downtown Toronto to be worth about $1,490, or about $1,125 outside of the city centre.
On RentBoard.ca, the average rent for a 2-bedroom apartment is $1,493.
The BREL Team website puts the average in a whole other league, saying the average for a 2-bedroom is $2,236.
And finally, the most trustworthy but possibly least accurate source, CMHC, put the average price of rent for a 2-bedroom apartment in Toronto at $1,264 for 2015.
Get it while it’s hot. Or not, considering the pricetag.
The Toronto Rentals team did our own research and came up with some numbers that tell a slightly different story. We looked at units that were actually available for rent, and tracked average rental rates for each neighbourhood in Toronto proper (you can see the average rents by neighbourhood in our Neighbourhood Guides). Then, we took the average of those averages, and here’s what we found was the average cost of rent in Toronto.
- Studio/Bachelor: $1,110.32
- 1-bedroom: $1,492
- 2-bedroom: $2,031
- 3-bedroom: $2,694
Note that these averages do not include rents in North York, East York and anywhere outside Toronto proper.
To get these numbers, we looked at rentals available on all the most popular sites to find rental listings in Toronto, including Toronto Rentals.
They tell a very different story than the conventional wisdom that the average rent in Toronto is around $1,260/month for a 2-bedroom, which most Torontonians would scoff at.
Which numbers best reflect what you’re paying? Let us know!