Toronto rents see dramatic year-over-year increase after falling in 2021

Mar 14 2022, 6:16 pm

Toronto renters know that it’s not cheap to live in the city and it should come as no surprise that the cost of renting continues to climb.

The March 2022 National Rent Report by Rentals.ca Bullpen Research & Consulting shows that while rent dipped last year, they’ve since rebounded. In Toronto, rents fell by 20% in February 2021, they’ve since almost balanced out by rising 16% since then.

Toronto ranked second on the list with the average monthly rent for a one-bedroom at $2,044 and $2,778 for a two-bedroom, according to the report. To compare, the national average rent for a one-bedroom apartment is $1,580 per month, for two bedrooms it is $1,934.

rent report

National Rent Report/Rentals.ca

“Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month. British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally,” said Ben Myers, president of Bullpen Research & Consulting, in a press release.

According to the report, the average rent for a condo per square foot in Toronto is $3.66, for an apartment, it is $3.38.

rent report

National Rent Report/Rentals.ca

The report shows that Ontario is the province with the second-highest rent in the country. Not shockingly, BC is in first place. Newfoundland is at the bottom of the list, so if Toronto’s rent prices have you wanting to flee, Newfoundland may be the place for you!

While it may not seem like a renters market at the moment, there are still some buildings offering incentives to move in. Some buildings are offering free rent, gift cards, gym memberships, and more.

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