Toronto is the most expensive city in Canada, which makes it hard for people to get onto the property ladder. This is one of the major reasons why renting is the most preferred housing option here. However, a recent report suggests that the rental prices will soar this year. So, if you are looking for a cheap apartment in Toronto, you may have to look harder than ever now.
Fret no more! We’ve got your back.
We’ve listed the most affordable areas to rent in Toronto to make things a little less daunting for you. Hunting for apartments in these areas will surely help you land a good deal.
Most Affordable Areas to Rent in Toronto
First up is Allenby, which has an average renting price of $950-$1400 per month for a 1-bedroom apartment. It is a family-centric neighbourhood, offering world-class amenities, excellent connectivity and state-of-the-art infrastructure.
Nearest Subway Station: Eglinton Station
Next on our list is Weston, which has a rent price ranging from $1,300-$1500 per month for a 1-bedroom apartment. It is one of the most affordable areas in Toronto, with a great mix of apartment buildings and older homes. It is an exceptional neighbourhood to reside in, all thanks to the wide range of amenities it offers.
Nearest Subway Station: Lawrence Ave West
At number three on our list is Rexdale, providing some of the cheapest rental apartments ranging between $1350-$1699. Not just apartments, you can also find affordable townhouses, one-story and two-story houses in this area. It is a peaceful and serene neighbourhood with lots of grocery shops, gourmet restaurants and a theme park with a Ferris wheel and old carousel.
Nearest Subway Station: Etobicoke North Go
Keelesdale–Eglinton is one of Toronto’s best value rental areas. It appeals to renters looking for a peaceful and family-friendly environment. The rental rates for apartments range from $1200-$1600 per month, and they are available in all kinds of sizes. Whether you’re looking for a small flat or a large villa for your joint family, you can find an affordable option here.
Nearest Subway Station: Keelesdale Station
NOTE: This area’s property and rental prices may increase as the Eglinton Light Rail construction project is completed.
Known for its greenery, Rockcliffe-Smythe mainly comprises single-family detached homes as well as Toronto apartment buildings. The rent price for cheap apartment in Toronto ranges from $650-$1500 for all kinds of families. Built after World War II, it is a well-known area that has recently gone through a lot of development. It is considered to be the best option for first-time renters and buyers.
Nearest Subway Station: Jane St at Alliance Ave
In the most coveted and established region of Toronto, the rental rates for apartments in New Toronto range between $1400-$2400. Located near the subway line, this area is going through complex housing developments. Here, you will find everything from apartments and condos to single-detached houses and townhouses.
Nearest Subway/Railway Station: Mimico GO Station
Encompassing a friendly neighbourhood, antique shops and heritage homes, the Junction is one of the cheapest places to rent an apartment in Toronto. It gets its name from its location as it is situated exactly at the meeting point of four different railway lines. With rents ranging between $1300-$3500 a month, this area has something for everyone. The area is likely to develop in popularity over the next few years.
Nearest Subway Station: Dundas West Station
Leslieville is number eight, another one of Toronto’s best value areas, with apartment rentals available from $1200-$1800 per month. Perfect for families, Leslieville is both a modern town centre and a taste of the countryside. It has an energetic vibe with bike paths, playgrounds and community events for residents to benefit from.
Nearest Subway Station: The Queen St East at Pape Ave station
Tips to Find a Cheap Apartment in Toronto
Toronto’s real estate market is pricey and competitive. Thus, finding an cheap apartment in Toronto can get extremely frustrating. If you don’t want to go through too much hassle and are looking for some tips, keep reading further.
Broaden Your Search
Use popular tools to narrow down your search as per a specific area, budget or list of facilities. You can easily find these tools online for free or at pocket-friendly rates if you purchase a membership. There are multiple mobile applications that offer rental services, we suggest you check them out too.
Get in Touch with a Real Estate Agent
A lot of renters don’t know this, but you can actually get a real estate agent free of cost to find an apartment in Toronto. Several landlords list their rentals on multiple listing service websites and pay commissions to agents for bringing prospects like you. Contacting agents from these websites can help you shortlist options.
Know the Full Cost
Stay abreast with the rent rates for apartments in Toronto or the specific area you are interested in. This way, if the landlord asks for more rent than the market price, you will come to know. Knowing the full cost will also allow you to negotiate with the landlord.
Research Well (About the Landlord)
Since Toronto’s real estate market is competitive, the chances of fraud are high. Therefore, it is advisable that you research about the landlord before reaching out to them for a property. Researching in advance will help you avoid fraud and recognise imposters.
Be Ready with Paperwork
When checking out an apartment, the property manager will most likely ask you to fill out a lease application form. That form will require you to fill in details and attach documents for credit checks, possible deposits, employment proof, references and more.
Testing Is Essential
Many prospective renters end up finalizing an apartment without adequately testing it. Apply the same logic that you would apply for a car here, wouldn’t you test drive it? There will be certain restrictions due to COVID-19, but it is important that you check the faucets, toilet flush, thermostat and other essential things around the house. Make sure you ask as many questions as possible from the property manager/landlord before signing the lease.
Look Beyond a Specific Area
When searching for an affordable apartment in Toronto, we all have a specific area in mind. But make sure you look beyond that as well. Good and affordable apartments aren’t easy to find. You will have to expand your search, adjust a little with your budget and look into other areas as well.
Don’t Exclude the Old Buildings
We all want to live in newly built homes and well-maintained apartments. This doesn’t mean that you rule out the possibility of finding a good space in older buildings. Even old buildings can have apartments in good condition that too within a budget you can afford. So, make sure you look into those.
Negotiate If You Can
People in Canada are known for being polite. But things aren’t as pleasant in the real estate market. Competitiveness can drive you crazy, so you have to be on your toes at all times. Don’t let landlords or real estate agents take advantage of you and negotiate as much as you can. Negotiating could land you an apartment at a lesser price than you expected.
Get Familiar with Your Rights
Signing a lease has become less complicated thanks to the standardisation of leases implemented by the province. However, we would still recommend that you go through the LTB rules. If you are not familiar with the legal jargon, hire a lawyer who can help you out with it.
We hope our tips and list of cost-effective areas help you find a cheap apartment in Toronto. In case you have any questions in your mind, please take a look at the FAQs below. These questions will most likely address your concerns. But if there’s more that you wish to know, contact a professional real estate agent immediately.
Yes, it is expensive if you are planning to live near downtown. Canada’s rent rates keep fluctuating and are expected to go higher. Besides rent, you will have to set aside a budget for groceries, daily commute, phone plans – all of which can be equally costly.
The transit system in Toronto is good. It is, in fact, the best in the world. Research shows that the system runs well and does not have any issues.
Yes, snow lovers will get to see snow in Toronto. The snow season usually starts in November but can come early in October also. The last snowfall takes place somewhere between March and April. There’s no snow in Toronto from June to September.
Reports suggest that areas like Flemingdon Park, Parma Court, Main Square, Crescent Town are the most dangerous areas to live in Toronto. This list is based on demographic data.
Hillcrest Village is the most preferred location in Toronto for students to live. It is near the downtown area and has various affordable housing options.