In Toronto's tight housing market, a lack of rental supply and ever-increasing demand has pushed the cost of rent to rather staggering levels. According to rental database Padmapper, the average cost to rent in Toronto is currently the highest in the country, coming in at $2,260 as of January 2019.
In this post, we’ll use data from our neighbourhood listings to show you some of the cheapest places to rent a condo in the city today, based on averages (in brackets) from our Neighbourhood pages. And something that may not be a surprise to native Torontonians, the city's east end dominates this list.
South Parkdale ($2,154.73)
We’ll start with South Parkdale, noted as the cheapest place to rent a condo in the city right now.
Known for its amazing lifestyle, entertainment and food options, South Parkdale sits on the west side of the Downtown Core, encompassing a popular stretch of Queen Street West. Nearby neighbourhoods include Liberty Village, Little Portugal and Roncesvalles.
In South Parkdale you can expect to find residents who represent the whole world in your neighbourhood. From new immigrants to recent graduates, young families and many of the city’s local artists, South Parkdale is a cornerstone of the west end.
You can count on great schools for all ages in the neighbourhood and excellent transit links to the rest of the city and beyond. Plus, Toronto’s waterfront and Sunnyside Pool is a short walk south, helping you make the most out of the warmer months.
North Riverdale ($2,157.33)
North Riverdale is not much more expensive than South Parkdale at time of writing. Both areas provide similar rental opportunities, albeit at different ends of the city.
This neighbourhood is packed with fun, from its namesake Riverdale Park to the Danforth Music Hall and hundreds of restaurants and shops along the Danforth.
North Riverdale caters to families in the area, who find serenity in the peaceful tree-lined streets which give the neighbourhood a small-town feel even though you can access Yonge and Bloor in a couple of subway stops.
The east end is known for being a bit more affordable than the west end in certain areas, which is why renters will always make sure to check out listings along the Danforth area. From units in established homes, to traditional apartments and newer condominium options, North Riverdale is not to be overlooked.
East End Danforth ($2,322.73)
A couple neighbourhoods east of North Riverdale is East End Danforth, another popular space that shares many of the same amenities as its neighbouring locales. This area, however, is much more relaxed and quiet, perhaps owing to its proximity to another sleepy area, Toronto’s Beaches.
Of course, a sleepy neighbourhood is attractive to many renters. The east end is often suited for more relaxed characters -- those who want the time and space to stroll around and absorb an often-disregarded part of the city.
You’ll find very quick access to the TTC’s Line 2 (Bloor-Danforth) in Danforth's East End, making the neighbourhood a popular area for commuters who want to leave the chaos downtown after work.
Plus, Woodbine Beach is just down the street, making for a great gathering spot during Toronto’s celebrated summer months. If you’re a new family looking to plant some roots in an area with community-minded neighbours, this is a great place to start looking for rentals.
Right between North Riverdale and East End Danforth, you’ll find Greenwood-Coxwell, part of the east end's network, bordering both Greektown and Little India. What makes Greenwood-Coxwell unique is its industrial edge at its southern border.
Toronto’s Studio District along Eastern Avenue pumps out movie magic on an annual basis. You could run into some Hollywood stars around this production hub, an area where Netflix recently decided to purchase two new studios and provide nearly 2,000 new jobs to the city.
Running Alongside long-standing production stages, such as Cinespace Studios and Pinewood Toronto Studios respectively, this neighbourhood is a hotbed for film industry workers on the hunt for nearby rentals.