Average Rent in Toronto

  • Average Rent in Toronto

Average Rent Toronto

When determining a lease rate for your property, it’s important to consider the style of property, and its features, including number of bedrooms, bathrooms, and additional flex-spaces, such as dens or home-offices. Also the size and location will greatly impact the amount of rent achievable – which varies greatly from neighbourhood to neighbourhood,. These metrics on their own can help determine an average rental price based on the broad property details, however, an accurate assessment requires a tailored, more specific, approach.

We’ve prepared the following dashboard which will allow you to determine an average based on similar properties across the city. For a more accurate and property-specific assessment, complete the form at the bottom of the page and a member of our team will be in touch.

Average Rent by Property Type

  • 1 Scott Street building exterior
  • Annex home renovation exterior
  • multiplex

The type of property you are tenanting can greatly affect the rate you can charge per month. Here are some notes regarding different, popular rental properties.

Condo Units

Resort-style amenities and convenient, central locations can push the average lease rate for condo rentals up, beyond rates achievable in purpose built reantls and multiplexes.

Condos have the most predictable rates with little volatility.

Because of the predictability of condo rental listing prices, you can reference the chart below with confidence.

Apartments and Multiple Units

The vintage and level of finish of the building or community being assessed is a critical factor in determining value. Much of the inventory available are much older than the available condo inventory, and few offer any type of amenities.

Units in multiplex properties are wide-ranging and as such algorithmically, an average would not be helpful. Therefore, we recommend you reach out to our team for a price assessment.

Townhouses

Townhouses can be freehold or condominiums.

The average lease rate for a townhouse is correlated to its size. The more square footage, the more you can expect to charge in rent.

On the other hand, condo townhouses often lack access to the amenities offered by their high-rise counterparts, which may impact desirability

With a townhouse, you can expect some variability and unpredictability. Therefore, the prices in the chart below offer a broad assessment of value which should be focused on specific units in specific neighbourhoods.

Single-Family Homes

Families place quite a bit of value on the privacy, additional square footage, and exterior space that a detached home provides.

Single family homes for rent command a wide range of lease rates, heavily dependent on location, school district, and level of finish.

We recommend reaching out to our team for a better assessment.

Average Rent by Bedrooms

The following dashboard shows average rent and a time series of average rent by month based on your selected number of bedrooms. Select the number of bedrooms to view average rent over the last year in Toronto.

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Bedrooms

Filter number of bedrooms

Listing Price Range

600 below to 200 above current average

$1,800 - $2,500

Average Rent by Month

Average listing price by number of bedrooms and month over the past year

You can see an increase in average rent over the last year. It is important to keep in mind that a city-wide average listing price by number of bedrooms alone is inevitably composed mostly of new, central condos. If your property falls outside of this category, you can expect a recommended listing price reduction of $200 – $500.

Average Rent by Neighbourhood

Property location is an essential metric in valuing a rental property. The heat map below shows average rents through the city of Toronto where the lightest regions have lower average rent rates, and the darker regions have greater average rent rates. Click your region in the map or enter your FSA (Forward Sortation Area – the first three digits in the postal code of your rental property) in the form to get data on your rental property’s location.

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Rental Property FSA

First three digits of postal code

NORTH YORK SCARBOROUGH ETOBICOKE EAST YORK TORONTO YORK .
FSA: --
Region: --
Neighbourhood: --
Average Rent: --
Number of Listings: --
Difference to City Average: --

Central locations garner higher prices than the surrounding neighbourhoods. But there are also pockets in specific neighbourhoods with higher average rent rates. While observing average rent by neighbourhood, consider the composition of the data. The average listing price is influenced by the location of the property as well as the quality, size and type of property that is typical to that location. If your rental property is typical to the area, the “Difference to City Average” can offer some insight into your ideal listing price.

To hone your estimated rental listing price, consult with an expert on the LandLord team that can use these metrics, and many more, to find a competitive and opportunistic price for your property.

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Ready for a more personalized rental assessment?

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Our team will contact you with an accurate range and estimate of your potential rental income and various models to maximize that revenue stream.

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To generate this real-time report, our team collects data on ‘for rent’ property listings on the Toronto MLS, removes outliers including properties with over 4 bedrooms, properties listed for over $15,000, and properties listed under $750. We update the data twice daily, therefore, the average rent for the current month will change with new data. Please note that this tool is designed to offer analytical insight on the Toronto condo market and is not designed to generate a listing price for your unique condo unit.