The Quay - Tower III
370 Queens Quay W,
Toronto, ON M5V 3J3
$1,858 - $3,678 Total Monthly Price
Studio - 3 Beds | 12 Month Lease
Rental Market Trends in Toronto, ON
What is the average rent in Toronto, ON?
$1,979/month
Average Rent
630 Sq Ft
Average Apartment Size
-2.8%
Decrease in the Last Year
As of May 2026, the average rent in Toronto, ON was $1,979/month. When you rent an apartment in Toronto, you can expect to pay as little as $1,578 to as much as $2,939, 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 2.8%, which averages out to $54 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 May 2026
Legend
2025
2026
Rent Ranges in Toronto, ON
Last Updated May 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
28%
$1,501 - $2,000/month
61%
Above $2,000/month
Rent by Neighbourhood
Last Updated Today
What are the most affordable neighbourhoods in Toronto?
Based on current rent prices, Eglinton East, Bendale and Clairlea-Birchmount are the most affordable neighbourhoods in Toronto.
Neighbourhood
Average Rent
Average Sq Ft
What are the most expensive neighbourhoods in Toronto?
Based on current rent prices, Lawrence Park South, Entertainment-Financial Districts and Mount Pleasant East are the most expensive neighbourhoods in Toronto.
Neighbourhood
Average Rent
Average Sq Ft
Which Toronto neighbourhoods have the most rentals available?
The neighbourhoods in Toronto with the most apartments available are Midtown, North York and West End .
Neighbourhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Toronto, ON?
Because the average rent in Toronto is $1,979, you’ll want to make about $6,596 per month or $79,152 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 neighbourhoods?
Use the tool below to compare Toronto, ON to other nearby cities and neighbourhoods. The Apartments.com neighbourhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,621/month
$1,536/month
One Bedroom
$1,688/month
$1,783/month
Two Bedroom
$2,008/month
$2,673/month
Three Bedroom
$2,357/month
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Nearby City Rent Trends
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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.