The average price for a one-bedroom rental in Toronto has now soared above $1,900, according to a new report from Liv.Rent.
As of the beginning of November, the average unfurnished one-bedroom in Toronto will cost renters a whopping $1,909 — the highest price in all of the GTA. Toronto’s price sits $174 higher than the new GTA-wide average of $1,735.
This is the first time this year that the GTA average has surpassed $1,700, and is up noticeably from October’s $1,693 average.
Depending on the area, the change in rent prices month-over-month varied quite a bit. In Etobicoke, for example, unfurnished one-bedrooms actually dropped in price by about 2.5%. Meanwhile in Scarborough, they jumped up 7.3% in price — the largest increase seen this month. Brampton, which has the cheapest one-bedroom rent out of all the areas studied at $1,514, saw a 1.9% increase.
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It’s well known that furnished rentals tend to cost more to rent than their unfurnished counterparts, but as of this month, the difference is barely there. In fact, unfurnished one-bedrooms in the GTA were a mere $11 cheaper on average than furnished units.
Interestingly, furnished one-bedroom units in Scarborough, Mississauga, Brampton, and Vaughan-Richmond Hill all had lower average rents than unfurnished one-bedrooms in those cities.