Toronto’s real estate market is always in the news.
While it’s always about the buyer and sellers markets, we sometimes neglect a large majority of Torontonians — renters.
The struggles for renting in Toronto are similar to those looking to purchase homes in the city. There is not enough availability for the high demand. And the high demand equates higher rental costs for units.
According to RentSeeker, the average cost for a rental in Toronto is now $1230 for a one bedroom. Although the number seems low, it’s only because it averages out rentals downtown, along with those outside the city centre.
Looking at the vacancy downtown, at Richmond & Bathurst to be exact, a typical bachelor goes for about $1625, while a one bedroom is closer to $1900.
Meanwhile, heading east around Kingston & Warden, a one bedroom is available for $850, and heading west near Albert Ave & Lakeshore Blvd, a one bedroom is slightly higher at $950.
But it’s Toronto. And these listings get snagged up so fast, it will be interesting to see how the rental market fluctuates this year.