Torontonians looking for a one-bedroom should be prepared to pay top dollar, as Toronto remains the most expensive city to rent a single bedroom in the country, according to a new report from PadMapper.
Overall, rent in nine cities experienced an upward trend, ten saw a downward trend, and five remained flat, according to the latest report from the apartment rental site.
“Of the top 11 markets, cities located in Ontario and British Columbia continued to dominate in prices. Some notable changes included Barrie moving into the top 5 markets, while Kitchener and Oshawa moved into the top 10,” reads the report.
Here in Toronto, a one-bedroom is now averaging $2,300 per month, while the cost of a two-bedroom dropped 1.7% to $2,950.
Vancouver ranked close behind at $2,150 for a one-bedroom, while two bedrooms decreased 1% to $3,000.
Burnaby ranked as the third most expensive city to rent a one-bedroom at $1,730, while a two-bedroom is going for $2,350. Notably, on a year-over-year basis, one-bedroom rent in Burnaby increased by 10.2%.
Montreal, which has a history of offering relatively affordable rents, moved up a spot to be the 4th priciest city with one-bedroom rent growing 3.3% to $1,550. However, two bedrooms did decrease slightly by 0.5% to $1,940 this month (a full $1000 below a 2-bedroom in Toronto).
A notable market shift happened in Barrie, which climbed a spot into 5th spot, after rent for a one-bedroom jumped 4.8% to $1,530, while two bedrooms dropped 3% to $1,610.
In terms of monthly changes, London had the fastest-growing rent as it jumped 5.4% to settle at $1,180 for a one-bedroom, while Abbotsford saw the biggest decline, falling 4.6% to ‘just’ $1,040.
If you’re looking for cheap rent, you may want to consider relocating to St. John’s, Newfoundland, where one-bedroom rent costs $810 and a two-bedroom goes for an average of $860.