Toronto apartment rents are now the cheapest they've been in almost two years
The average Toronto rental cost slid to a 22-month low in June, some welcome news for prospective renters amid a spiralling cost of living situation in Canada’s largest and second-most expensive city.
June figures from Urbanation and Rentals.ca reveal declines in average Toronto rental prices on both a monthly and annual basis, falling to the lowest point in almost two years.
Renting an apartment in Toronto now costs an average of $2,715. Though still a hefty price, June’s figures represent a 2.5% month-over-month decline and an even greater 3.5% dip annually.
June’s year-over-year drop in average rents marks the fifth consecutive month of declining annual rental rates in the city, providing some hope for cost-conscious renters and stoking the fears of investment property owners.
Chart of current rent prices in cities across the country courtesy of Rentals.ca and Urbanation.
Just like apartments, asking rents for shared accommodations also saw monthly and annual declines in June.
It will now cost an average of $1,236 to share accommodation with roommates in Toronto, a 1.7 % dip month over month and a 4% decline annually.
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