Are you tired of spending half of your paycheque on rent every month? You're not alone! The average Toronto condo rental Prices have been skyrocketing in recent years, and it's starting to feel like we're all living in luxury penthouses without the actual luxury.
One Bedroom Rental Prices
According to the latest stats from the Toronto Real Estate Board, the average rent for a studio apartment in downtown Toronto is $2,100 per month, while a one-bedroom will set you back around $2,460 per month. If you're feeling fancy and opt for a one-bedroom plus den, you're looking at an average of $2,700 a month. Yikes!
Two Bedroom Rental Prices
Now, if you're in the market for something a little bigger in Toronto, the average rent for a two-bedroom is currently $3,320, while a two-bedroom plus den will cost you an arm and a leg, averaging around $4,030. And if you're feeling extra fancy and want a three-bedroom condo, you better start saving up because the average rent is a whopping $4,500.
Average Toronto Rent for March 2023
So, why are these prices so high, you may ask? Well, it's no secret that Toronto's population is growing at an alarming rate. More people mean more demand for housing, and with limited supply, prices go up. Add in high borrowing costs that push potential first-time buyers into the rental market, and it's a recipe for disaster.
But fear not! There is hope on the horizon. The Toronto Real Estate Board is calling for the development of purpose-built rental properties to help ease the pressure on the rental market. It's high time that this becomes an explicit part of housing policy at all levels of government. We need more affordable options for people who want to live in this beautiful city without breaking the bank.
In the meantime, if you're feeling the rent pinch, there are a few things you can do to save some cash. First off, consider getting a roommate (or two) to split the rent. Not only will it cut your costs, but you'll also have someone to share the joys (and challenges) of living in a small space with.
So there you have it, the average rental prices in Toronto are no joke, but we're all in this together. Let's keep our fingers crossed that the powers that be will finally take action and help us all find affordable housing in this amazing city we call home.
