Finding “cheap” rent in Toronto is all about knowing where to look, and a recently released report has made that a bit easier, ranking Toronto neighbourhoods from most to least expensive.
The report from TorontoRentals.ca analyzed rental prices from January to April of this year and broke them down by each neighbourhood in Toronto — but just the municipality, not the entire city.
According to their findings, the most expensive area in Toronto is Rosedale-Moore Park, which does not come as a total surprise. Average rent prices this year hit $2,308, which is actually a 14% year-over-year decrease.
If you’re looking to move to an area of the city with (relatively) cheap rent, then South Parkdale is the first place you’ll want to look. Average rentals there come in at $1,669, which is the cheapest on the list. North St. James Town, East End-Danforth, Forest Hill North, and Cabbagetown-South St. James Town also have average rents below $1,800.
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If you’re looking to get the most bang for your buck, you’ll want to consider living in Dufferin Grove, which has the lowest cost per sq ft, coming in at $2.57. Not too surprisingly, Casa Loma has the highest cost, running $3.29 per sq ft.
Although rents have dropped throughout the past year, High Park North has seen the smallest decrease, falling just 3%. The biggest drop in prices was seen in the Yonge-St. Clair area where rental rates fall a whopping 39% over the past year.
So if you’ve been on the apartment hunt and are looking to find a great steal in the city, this list should help you narrow down where to look and where to avoid.