Rent for a one-bedroom in Toronto has increased more than 16% in a year

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The price of rent in Toronto has skyrocketed over the last year, with both one- and two-bedroom units now costing over $2,000 per month.

According to Zumper’s latest Canadian Rent Report, the median price of a one-bedroom in the city hit $2,090 in September, a 16.10% annual increase, while the median price of a two-bedroom jumped 17.30% year-over-year to $2,640.

The figures represent monthly increases of 5.60% and 4.30%, respectively. With the rise in rent, Toronto has maintained its position as the second-most-expensive city in Canada.

Vancouver remained the most expensive city in the country; the median one-bedroom runs $2,500 per month, while two-bedrooms cost $3,630.

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Toronto was far from the only city in Ontario to see rent increase significantly since September 2021.

In Ottawa, the median price of a one-bedroom rose 12.70% year-over-year to $1,690, while two-bedrooms increased 22.00% annually to $2,000.

Now at $1,760 per month, the median price of a one-bedroom in Oshawa is up 18.90% from a year ago, while two-bedrooms cost $2,020, an 18.10% annual rise.

At 23.30%, London saw the largest annual price increase amongst two-bedroom apartments, while Windsor saw the most significant rise amongst one-bedrooms, at 23.00%. The median price of the units hit $2,010 and $1,390, respectively, in September.

Meanwhile, in Barrie, the median rent for a two-bedroom only increased 5.90% year-over-year, to $1,960, while one-bedrooms saw no price increase at all, and remained at $1,700.

On a monthly basis, the median price of a one-bedroom in Kitchener dropped 1.70% to $1,750, while two-bedrooms decreased 2.40% to $2,050.

The most significant monthly price drop in September was seen in Hamilton, where one-bedrooms declined 3.60% to $1,590.

Zumper