Over the past year, fast-moving market dynamics, including high inventory and significant price adjustments, have given renters in Toronto more options than ever before.
Currently, one-bedroom rents in Toronto are $1,855 -- rising 1% monthly, but falling 9% annually in July -- while two-bedroom rentals also increased to $2,606, up 4.2% month-over-month and down 3.2% annually, according to the latest data from Rentals.ca.
As such, renters have negotiating power and more options now, typically unheard of before COVID took hold. And while rents in Toronto are still relatively high compared to the rest of the Canadian real estate market, it is a welcomed relief for renters who have been paying sky-high prices for the opportunity to reside in Canada's largest city.
To get a better understanding of what rental units renters are eyeing up these days and where they want to live, we've rounded up the five most-viewed rental units in Toronto from August 3 to 18, according to data from our friends at Rentals.ca.
READ:Bidding Wars for Rental Units Becoming Norm in Toronto and Vancouver as Demand Spikes
The data is broken down into different rental unit segments, including apartments and condos, which vary by room size.
Most Viewed 1-Bedroom Apartment: 55 Maitland Street
55 Maitland Street/Rentals.ca
- Specs: 1-bedrooms, 1-bathroom, 500-sq.ft
- Price: $1,715
- Building Type: Apartment
- Description: Located in the heart of Church-Wellesley Village, this 1-bedroom unit is bright and spacious, while air conditioning, heat, and water are included in the monthly rent. The unit's building has great amenities including a private dog park, a sculpture garden, private green space, underground parking, storage lockers, on-site laundry, and an after-hours call centre.
Other sought-after 1-bedroom apartment options:
Most Viewed 2-Bedroom Apartment: 350 Queens Quay West
350 Queens Quay West/Rentals.ca
- Specs: 2.5 bedrooms, 1-bathroom, 794-sq.ft
- Price: $2,287
- Building Type: Apartment
- Description: This waterfront 2-bedroom apartment has been renovated, and features a spacious and bright living room, a private solarium that can be used as a den, stainless steel appliances, and quartz countertops. Residents of the building also have access to a business centre, gym, conference room, and a cinema room.
Other sought-after 2-bedroom apartment options:
Most Viewed 1-Bedroom Condo: 637 Lake Shore Boulevard West
637 Lake Shore Boulevard West/Rentals.ca
- Specs: 1-bedrooms, 1-bathroom
- Price: $2,400
- Building Type: Condo
- Description: This hard loft is located in Toronto's sought-after Tip Top Loft building. Complete with 14-foot ceilings and large north-west facing windows, the unit feels very spacious. Highlights of the building include resident parking, bike storage, a newly renovated rooftop terrace with BBQs, a fire pit, dining tables, and a lounge area, in addition to a renovated gym, hot tub, party room, security staff, and 24-hour concierge.
Other sought-after 1-bedroom condo options:
Most Viewed 2-Bedroom Condo: 24 Wellesley Street West
24 Wellesley Street West/Rentals.ca
- Specs: 2-bedrooms, 2-bathroom, 1,323-sq.ft
- Price: $3,450
- Building Type: Condo
- Description: This spacious 2-bedroom unit comes with a parking spot and a locker. Highlights include large rooms, floor-to-ceiling windows, huge eat-in kitchen, stainless steel appliances, ensuite laundry, ample closet space, a sliding barn door on the primicpal bedroom, and panoramic city views from every room. Building amenities include 24-hour concierge, indoor and outdoor spas, a rooftop deck, and a gym.
Other sought-after 2-bedroom condo options:
Most Viewed 3-Bedroom Unit:60 Shuter Street
60 Shuter Street/Rentals.ca
- Specs: 2-bedrooms, 2-bathrooms
- Price: $3,500
- Building type: House
- Description: This charming bungalow is set on an extra large lot in central Etobicoke. Highlights include a great open-concept layout with hardwood floors, a spacious kitchen with stainless steel appliances and walk-out to the yard, two large bedrooms with big windows and closets, a finished basement with a rec room, and ensuite laundry.
