Interest rates may have held steady, but demand has remained "consistently high" in Toronto's April rental market, leading to a third straight month of price increases.
According to the latest GTA Rent Report from liv.rent, an unfurnished one-bedroom unit in the City of Toronto now costs an average of $2,236 per month, a 1.05% increase from March and a staggering 25.9% jump from a year ago.
liv.rent
On a monthly basis, the price of a furnished one-bedroom in the city rose even faster -- at $2,582, the figure is up 7.24% from March. The $346 discrepancy between furnished and unfurnished units is slightly above the differences seen in the past, the report notes.
More significant monthly rent increases were seen elsewhere across the GTA, though. In North York, the price of a furnished one-bedroom increased 14.01% between March and April, while rent for the property type rose 8.96% month-over-month in Markham. Regarding unfurnished one-bedroom units, prices rose most in Scarborough, at 5%, followed by North York, at 4.47%.
liv.rent
Despite seeing minuscule monthly rent increases, Downtown Toronto remains the most expensive area in the GTA. An unfurnished one-bedroom unit in the city's core costs $2,413 per month -- $757 more than the same unit type in Oshawa. At $1,656, the latter boasts the cheapest rent in the GTA.
The average rent for an unfurnished two-bedroom unit in Downtown Toronto sits at $3,200 per month, while an unfurnished three-bedroom costs $4,098 per month. The figures are $265 and $440 higher, respectively, than the second most-expensive area in the GTA.
liv.rent
In addition to the downtown core, two of the other priciest GTA markets can also be found in the City of Toronto. Etobicoke, where an unfurnished one-bedroom costs an average of $2,313 per month, and North York, where the property type runs an average of $2,292, were amongst the most expensive regions. Markham ($2,353) and Oakville ($2,293) were also in the top five most expensive.
While Oshawa ($1,656) boasts the cheapest rent in the GTA, far less expensive one-bedroom units can be found not far outside the region, including in Niagara Falls ($1,525), St. Catherines ($1,544), London ($1,583), and Hamilton ($1,725).
