The average price of rent in Toronto just went up again
Rent in Toronto has gone up. Again.
According to the April Canadian Rent Report from Zumper, Toronto has maintained its position as the second most expensive rental market in the country.
The average one-bedroom apartment in the city now costs $1,900 — a monthly increase of 3.6%. Prices are up 11.20% year-over-year.
Rent for a two-bedroom apartment increased by 4.1% from March to April and now stand at $2,550. Prices are up 10.40% from April of 2021.
“As we enter into the warmer months, demand usually begins to pick up as leases end and more renters are thinking about their next move,” Zumper wrote in the report.
“[This] drives up the competition and prices.”
Despite Toronto’s marked increase, the city pales in comparison to the gains seen in Quebec City. Rent for a once bedroom jumped by 5.50% to $960—a staggering 28.00% increase from April of 2021.
Two bedrooms in the city increased in price by 4.80%, up to $1,300. Year-over-year, rents are up by 19.30%.
North of Toronto, Barrie was the only city to see one-bedroom rents fall year-over-year. They dropped 2.90% from April of 2021 and now stand at $1,680. They did rise by 5.0% from March.
Conversely, Windsor saw the average rent for a one-bedroom drop by 4.0% last month, to $1,210, though they rose 15.20% year-over-year.