Toronto is offering greater choice for renters than it did in the most competitive recent post-pandemic years.
According to CMHC’s 2026 outlook, Toronto’s vacancy rate is predicted to reach 3.8% for 2026, with an average rental for a 2-bedroom unit being approximately $2,120. Numbers may vary between listings as each measures asking rents, property types and inventory differently.
Neighbourhood is an important consideration, just like apartment size, when looking for an apartment in Toronto in 2026. For instance, an 1-bedroom home in Mimico may be far cheaper than a 1 bedroom home in Liberty Village and a more spacious property can be acquired in the more distant neighborhoods.
This guide explores the apartment rental benchmark, affordability, and transportation options, as well as neighborhood features and what budget renters can expect to find by neighborhood in 2026.
The Cost of Renting a Home in Toronto in 2026.
The average rent in Toronto for March 2026 was $2,474 up from $2,455 in March 2024, according to Rentals.ca who reported rents were $2,188 for a one bedroom, $2,838 for a two bedroom and $3,468 for a three bedroom.
These numbers, however, should not be viewed as an overall “cost of” tag. The units of measure vary between rental reports.
Examples of this include CMHC’s 2025 Rental Market Report which reported a rental vacancy rate of 3.0% for purpose-built rental homes in the Greater Toronto Area, and an average $2,034 rent for a two-bedroom, purpose-built rental home. The vacancy rate for condominium apartments was 1.0% while the average two bedroom condominium rent was $2,904.
The rent for a building specially designed for renters can range widely from the rent for a condo being mostly owned by one person.
Quick 2026 Toronto rent benchmark
| Apartment type | 2026 Toronto benchmark |
| Studio | ~$1,600–$2,000+ |
| 1 bedroom | ~$2,000–$2,500+ |
| 2 bedroom | ~$2,500–$3,200+ |
| 3 bedroom | ~$3,000–$4,000+ |
| Luxury apartment/condo | $4,000+ |
These are practical search ranges, not official city-wide averages. Actual prices depend on the neighbourhood, building age, amenities, parking, unit size and whether you’re looking at a condo, purpose-built rental or house.
For live listings, renters can browse and compare current asking prices before scheduling viewings.
Toronto Apartment Rental Prices by Neighbourhood in 2026
The table below provides a practical comparison of several popular Toronto neighbourhoods using current 2026 rental-market data where available.
Because rental websites use different methodologies, the figures should be used as market benchmarks rather than guaranteed prices.
| Toronto neighbourhood | 2026 rent benchmark | Relative affordability | Best for |
| Mimico | ~$2,100 median | Moderate | Waterfront living |
| The Annex | ~$2,100 median | Moderate | Students & professionals |
| Scarborough Village | ~$2,175 median | More affordable | Families & value seekers |
| York University Heights | ~$2,114 median | More affordable | Students |
| Scarborough City Centre | ~$2,300 median | Moderate | Transit & amenities |
| New Toronto | ~$2,299 median | Moderate | Waterfront/value |
| North York Industrial | ~$2,239 median | Moderate | Transit & newer rentals |
| York Mills | ~$2,450 median | Expensive | Professionals & families |
| Liberty Village | ~$2,950 median | Expensive | Young professionals |
The figures above are based largely on current 2026 rental-market snapshots. For example, Zumper reported median rents of $2,100 in Mimico and $2,100 in The Annex in July 2026. Scarborough Village was approximately $2,175, while Scarborough City Centre was approximately $2,300.
Liberty Village stands out as one of the more expensive neighbourhoods in this comparison, with Zumper reporting a $2,950 median rent in July 2026.
1. Mimico
2026 median rent: approximately $2,100
Mimico is one of the more interesting choices for renters who want access to Toronto’s waterfront without paying the premium associated with some downtown neighbourhoods.
Zumper’s July 2026 data puts the median rent in Mimico at approximately $2,100 per month. Apartment rents were around $1,998 overall, while one-bedroom apartments averaged roughly $1,797 and two-bedroom apartments around $2,397.
That makes Mimico particularly attractive for renters looking for a one- or two-bedroom apartment.
Why rent in Mimico?
- Waterfront access
- GO Transit connections
- TTC access
- More space than many downtown condos
- Proximity to Etobicoke and downtown
- Strong selection of apartments and condos
For renters comparing neighbourhoods, Mimico can be a strong price-versus-location compromise.
2. The Annex
2026 median rent: approximately $2,100
The Annex is one of Toronto’s best-known rental neighbourhoods, particularly among students, academics, young professionals and people who want a highly walkable lifestyle.
Zumper’s July 2026 data puts the median rent around $2,100, while one-bedroom apartments averaged approximately $2,230 and two-bedroom units approximately $3,010.
The neighbourhood is close to the University of Toronto, Bloor Street, museums, restaurants, cafés and several TTC stations.
Best for
| Factor | Rating |
| Students | Excellent |
| Walkability | Excellent |
| Transit | Excellent |
| Families | Good |
| Budget renters | Moderate |
| Downtown access | Excellent |
The trade-off is that renters often sacrifice apartment size for location.
3. Scarborough Village
2026 median rent: approximately $2,175
Scarborough Village can be attractive for renters who want to remain within Toronto but prefer a less expensive alternative to many central neighbourhoods.
Zumper’s July 2026 snapshot showed a median rent of approximately $2,175, down 16% year over year.
Current listings also demonstrate the range available in the area, including one-bedroom units around $2,000 and larger apartments in the $2,000–$3,000 range.
Why consider Scarborough Village?
- Generally better value than central Toronto
- Access to parks and Lake Ontario
- Family-friendly environment
- Larger housing options
- Suitable for renters prioritizing space
For families and renters with cars, Scarborough can offer considerably more space than similarly priced downtown units.
4. York University Heights
2026 median rent: approximately $2,114
York University Heights is particularly relevant to students and renters who need access to York University and northern Toronto.
Zumper’s July 2026 data puts median rent at approximately $2,114, with rents down about 6% from the previous year.
Its location and transit connections make it worth considering for students who don’t want to pay central Toronto prices.
Best for
- York University students
- Students sharing apartments
- Budget-conscious renters
- People working in North York
- Renters who value transit access
5. Scarborough City Centre
2026 median rent: approximately $2,300
Scarborough City Centre provides access to shopping, public transit, restaurants and other services while generally costing less than some central Toronto neighbourhoods.
Zumper’s July 2026 data reported a median rent of approximately $2,300. One-bedroom apartments were around $2,200, while two-bedroom apartments were approximately $2,299.
The data provider cautions that the neighbourhood had limited inventory, so renters should treat the figures as a market indicator rather than a precise valuation.
6. New Toronto
2026 median rent: approximately $2,299
New Toronto is another attractive option for renters who want waterfront access without necessarily paying downtown prices.
Zumper reported a July 2026 median rent of approximately $2,299, with one-bedroom apartments around $1,825 and two-bedroom units around $2,499.
The neighbourhood offers access to parks, Lake Ontario and transit connections.
For renters searching for affordable Toronto apartments near the waterfront, New Toronto deserves a place on the shortlist.
7. North York
North York is a large district rather than a single rental market, so prices vary significantly between neighbourhoods.
A current Zumper snapshot for North York Industrial showed a median rent of approximately $2,239, with one-bedroom apartments around $1,900 and two-bedroom apartments around $2,349.
Other North York areas can be considerably more expensive.
For example, York Mills had a July 2026 median rent of approximately $2,450.
North York is particularly suitable for:
- Families
- Professionals
- Condo renters
- People working north of downtown
- Renters seeking larger units
- Commuters using Line 1
The major advantage is choice. North York contains everything from older rental towers to newer condominium developments.
8. Liberty Village
2026 median rent: approximately $2,950
Liberty Village is one of the more expensive neighbourhoods in this comparison, reflecting its concentration of newer condos, proximity to downtown, restaurants, offices and entertainment.
Zumper’s July 2026 data showed a median rent of $2,950, with the median having increased approximately 5% from the previous year.
Another July 2026 rental snapshot from PadMapper showed median rents of about $2,500 for a one-bedroom and $3,360 for a two-bedroom in Liberty Village.
Typical Liberty Village renter
Liberty Village is particularly popular with:
- Young professionals
- Couples
- Downtown workers
- Condo renters
- People prioritizing walkability
- Renters who want restaurants and nightlife nearby
The disadvantage is straightforward: you pay a premium for location and amenities.
Cheapest Toronto Neighbourhoods for Apartment Rent in 2026
If affordability is your primary concern, don’t automatically assume that the farthest neighbourhood from downtown will always be cheapest.
Building type, apartment age and unit size can dramatically affect the price.
Historical neighbourhood-level data from Rentals.ca has previously identified areas such as Pleasant View, Blake-Jones, Maple Leaf, New Toronto, Greenwood-Coxwell, Oakwood Village, Cliffcrest, Beechborough-Greenbrook, Downsview and Brookhaven-Amesbury among Toronto’s less expensive rental markets.
The current 2026 market still suggests that renters should investigate areas outside the downtown core, particularly:
| Area | Why consider it |
| Scarborough | More space and value |
| Mimico | Waterfront + lower central-city premium |
| New Toronto | Waterfront and community feel |
| York University Heights | Student-friendly |
| North York | Large range of housing |
| Downsview | Transit and redevelopment |
| East Danforth | Transit + neighbourhood amenities |
| Pleasant View | Family-oriented and relatively affordable |
The exact cheapest neighbourhood changes as inventory changes, so renters should check live listings rather than relying on an annual ranking.
Most Expensive Toronto Neighbourhoods for Rent
At the other end of the market are neighbourhoods where renters pay heavily for location, amenities, prestige or newer construction.
Common premium areas include:
- Yorkville
- Bay Street Corridor
- Financial District
- Liberty Village
- King West
- CityPlace
- Yonge-Eglinton
- The Beaches in some housing segments
The premium can be particularly significant for modern condos with gyms, pools, concierge services, parking and views.
A key point is that “expensive neighbourhood” doesn’t necessarily mean every apartment is expensive. Older rental buildings can sometimes provide substantially better value than new luxury condos in the same postal area.
How Much Should You Budget for a Toronto Apartment in 2026?
A useful starting point is to separate rent from the total cost of living.
For example, a renter paying $2,300 monthly shouldn’t necessarily set a $2,300 housing budget.
Additional expenses can include:
| Expense | Possible monthly cost |
| Rent | $2,300 |
| Electricity | $50–$100+ |
| Internet | $50–$100 |
| Tenant insurance | $20–$40 |
| Parking | $100–$300+ |
| Transit | Varies |
| Laundry | $20–$50 |
| Total housing-related cost | Often $2,500+ |
Parking can be particularly expensive in downtown condos.
This is why comparing the headline rent isn’t enough. A $2,350 apartment with parking and utilities included may be a better deal than a $2,200 apartment where you must separately pay for parking, hydro and other services.
Toronto Affordable Rent Levels in 2026
The City of Toronto publishes separate affordability benchmarks that are useful for understanding the difference between market rent and officially defined affordable housing.
For 2026, the City’s affordable rent levels are:
| Unit type | 2026 affordable rent level |
| Studio | $1,127 |
| 1 bedroom | $1,426 |
| 2 bedroom | $2,055 |
| 3 bedroom | $2,351 |
These figures should not be confused with typical asking rents for apartments on the open market. They are policy benchmarks used by the City for affordable housing programs and planning purposes.
The City also lists mid-range thresholds, including $1,763 for a one-bedroom and $2,055 for a two-bedroom at the affordable mid-range level.
Renters looking for subsidized or affordable opportunities can check the .
Are Toronto Rents Going Down in 2026?
There are signs that the rental market has become more favourable to tenants, although the answer varies considerably by neighbourhood and apartment type.
CMHC expects Toronto’s rental vacancy rate to reach 3.8% in 2026, compared with 3.0% in 2025, while its baseline forecast puts the average two-bedroom rent at $2,120.
More vacancy generally means renters have more negotiating power.
However, this doesn’t mean every landlord will reduce the advertised rent.
Some landlords may instead offer:
- One month free
- Reduced deposits where permitted
- Parking incentives
- Move-in promotions
- Temporary discounts
- Flexible lease incentives
Therefore, compare the net effective cost rather than simply looking at the advertised monthly amount.
Toronto Rent Control Rules in 2026
Ontario’s rent-control rules are another important consideration when comparing apartments.
For 2026, Ontario’s rent increase guideline is 2.1% for most rent-controlled units.
Generally, a landlord must provide at least 90 days’ written notice, and in most situations at least 12 months must have passed since the last increase or since the tenancy began.
However, important exemptions exist.
For example, the guideline generally does not apply to many units first occupied for residential purposes after November 15, 2018. It also does not apply in the same way to vacant units when a new tenant and landlord agree on a starting rent.
Before signing a lease, renters should therefore understand whether the unit is covered by rent control.
For official information, use .
How to Find a Cheap Apartment in Toronto in 2026
Finding a reasonably priced apartment requires more than searching for the lowest advertised rent.
1. Compare at least five neighbourhoods
Don’t restrict your search to one area. Compare neighbourhoods based on:
- Rent
- Transit
- Commute time
- Apartment size
- Utilities
- Parking
- Grocery costs
- Safety and comfort
- Building quality
2. Search older purpose-built rental buildings
New condos often have higher rents because of amenities and construction costs.
Older apartment buildings can offer larger floor plans and, depending on the building, more predictable rent increases.
3. Consider moving farther from downtown
A longer commute can sometimes save hundreds of dollars each month.
For someone paying $300 less in rent but spending an additional $100 on transportation, the net saving is still $200.
4. Compare total monthly cost
Don’t compare $2,200 with $2,300 until you know what’s included.
Ask about:
- Hydro
- Heat
- Water
- Internet
- Parking
- Locker
- Laundry
- Maintenance fees
- Tenant insurance requirements
5. Watch the market before signing
Rental prices can change quickly when inventory increases.
Current platforms such as provide neighbourhood-level market snapshots based on recent listings.