The Quay - Tower III
370 Queens Quay W,
Toronto, ON M5V 3J3
$2,556 - $3,757
1-3 Beds
Rental Market Trends in Toronto, ON
What is the average rent in Toronto, ON?
$1,990/month
Average Rent
630 Sq Ft
Average Apartment Size
-3%
Decrease in the Last Year
As of February 2026, the average rent in Toronto, ON was $1,990/month. When you rent an apartment in Toronto, you can expect to pay as little as $1,575 to as much as $2,940, depending on the location and size of the apartment.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Toronto, ON?
In the past year, rent has decreased by 3%, which averages out to $59 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated February 2026
Legend
2025
2026
Rent Ranges in Toronto, ON
Last Updated February 2026
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
0%
$700 - $1,000/month
11%
$1,001 - $1,500/month
26%
$1,501 - $2,000/month
63%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Toronto?
Based on current rent prices, Eglinton East, Mount Dennis and Woburn are the most affordable neighborhoods in Toronto.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Toronto?
Based on current rent prices, Waterfront Communities-The Island, Entertainment-Financial Districts and Harbourfront are the most expensive neighborhoods in Toronto.
Neighborhood
Average Rent
Average Sq Ft
Which Toronto neighborhoods have the most rentals available?
The neighborhoods in Toronto with the most apartments available are Midtown, East End and North York .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Toronto, ON?
Because the average rent in Toronto is $1,990, you’ll want to make about $6,633 per month or $79,596 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Toronto, ON compare to other nearby cities and neighborhoods?
Use the tool below to compare Toronto, ON to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,639/month
$1,929/month
One Bedroom
$1,659/month
$2,373/month
Two Bedroom
$1,974/month
$3,081/month
Three Bedroom
$2,355/month
$4,196/month
Nearby City Rent Trends
Apartment communities in Toronto we think you'll love
Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.