These Are The Only Places In The GTA You Can Rent A One Bedroom For Under $2,000

narcity.com
Aug. 11, 2023

Looking to rent a one-bedroom unit in the GTA for under $2,000 while keeping the big city accessible? Well, you might want to invest in a good audiobook to keep you company during the commute. With Toronto's housing and rental market acting like a steamy romance novel --high on drama and light on affordability --the search for affordable digs takes us further afield.

According to the August 2023 report by Liv.Rent, Oshawa holds the budget-friendly title with an average price of $1,705 for an unfurnished one-bedroom unit. Meanwhile, Downtown Toronto rent remains the diva of expensive living, demanding $2,530 on average --a difference of $825 a month.

Everything's premium in Downtown Toronto, from your coffee to your rent. With the highest average rent prices for nearly all listing types, downtown remains an impossible dream for many.

Brampton is another stand-out municipality for affordable unfurnished one-bedroom units, with the city's average sitting at $1,963 this month. But, Vaughan-Richmond Hill is the place to find the least expensive furnished one-bedroom units at $1,902.

It's worth noting that if you're going to base any real-life decision on these statistics, you'll need to act fast as rent prices in the GTA do not stay the same. In fact, unfurnished one-bedroom units in Toronto have increased for a third consecutive month.

Why are renters on the escalator of doom? Well, it's at least partly to do with the Bank of Canada's recent interest rate hikes, which are likely forcing landlords to reach even further into tenants' pockets throughout the summer. Since last August, the average monthly rent for these units in the GTA has increased by $339.

Liv Rent Reports also dish out the square footage gossip. Downtown Toronto ($4.12/sq. ft.) takes the crown for the most expensive, while Scarborough, Etobicoke, and North York play pricey supporting roles. For the budget-conscious, Markham's average rent per square foot is the lowest at $2.13.

Outside of the GTA, London emerges as the thriftiest option at $1,555 for an unfurnished, one-bedroom unit. So, it could be time for a bigger move.

So, as you can see, the pursuit of affordable rent in the GTA remains a treasure hunt. If you're looking to save on rent, get ready to trade in city views for highway vistas. On the bright side, you'll have plenty of time to catch up on your favourite podcasts, right?