It's no secret that housing prices in Toronto have been skyrocketing for years and as a result, many prospective buyers have been pushed out of the market; subsequently, they're forced to rent.
And unfortunately, rent isn't exactly cheap in Toronto, either — even with the pandemic influencing rent costs throughout the city.
The average rent for a one-bedroom in Toronto was $2,070 in August, which is still a hefty sum despite being down 10% year-over-year. Still, there are still plenty of areas across the city where you can snag a decent place with relatively affordable rent.
According to TorontoRentals.com and Bullpen Research & Consulting's latest Toronto and GTA rent report, eight neighbourhoods located throughout the city’s core and surrounding areas saw annual rent declines in the double-digits last month, with the Waterfront Communities area leading the way with a 16% rent decline from the same time last year.
READ: Average Rent for Condos in Downtown Toronto Drops 16% Year-Over-Year
The report revealed that Bay Street Corridor, The Annex, Niagara, Church-Yonge Corridor, Moss Park, Mount Pleasant West, and South Parkdale, with rent declines ranging from 11% to just over 15%.
According to the report, in the Waterfront Communities, a renter would now pay $2,331 down 16% to $2,774 for the average rental during the same time last year. In South Parkdale, the average rent declined from $2,321 to $1,963, a 15.4% annual drop and the second-largest observed in the report.
In The Annex, rent in the neighbourhood currently averages at $2,279 a 14.8% difference year-over-year when rent was an average of $2,675. In the Church-Yonge Corridor, rent is an average of $2,195 down 14% from last year's $2,552. Those looking in the Mount Pleasant West neighbourhood can expect to find average rents of $2,127, down 12.4% from $2,429 last August, while in the Niagara neighbourhood, average rents are sitting around $2,258, a 12.1% drop from last August's average of $2,568.
In the Bay Street Corridor, the average rent is now $2,450, down 12% from last August's $2,785, while those living in Moss Park can expect to pay an average of $2,191, a -11.2% difference from last year's $2,467.
The average rent, and annual change in average rent for condominium apartments and rental apartments in July and August of 2020 -- versus the same two months in 2019 -- are represented in the chart below.
“The pandemic and the resulting work from home necessity has continued to put pressure on the downtown Toronto rental market,” said Matt Danison, CEO of Rentals.ca.
“Less immigration, fewer students, and less need to be close to work is decreasing demand, in the face of increasing new condo and rental apartment completions.”
You can find the full report here.
