Average Toronto rents increased by more than 14% in March

The cost of housing just keeps going up and up and up, and a new rent report shows just how much rent has climbed since last year.

The April 2022 National Rent Report by Rentals.ca Bullpen Research & Consulting shows that while rent averages have been increasing, they haven’t yet returned to pre-pandemic levels. Even with the average rent in Toronto rising by 14.3%, rental costs in the city haven’t fully rebounded since the pandemic began.

Toronto ranked second on the list, behind Vancouver, with average rents for all property types in Toronto hitting $2,326 per month. To compare, the national average for all properties is $1,818 per month.

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National Rent Report/Rentals.ca Bullpen Research & Consulting

The average monthly rent for a one-bedroom apartment in Toronto is now $2,023 per month. A two-bedroom is $2,776 per month, according to the report.

Not surprisingly, downtown Toronto rents have shown regular increases. Areas outside of the downtown core are a different story, the report said, where average annual rents have decreased.

National Rent Report/Rentals.ca Bullpen Research & Consulting

Despite the year-over-year increases in rent, the report shows that month-over-month, rent in Toronto has decreased ever so slightly. Rent for a one-bedroom apartment was down by 1%, while rent for a two-bedroom was down 0.7%.