Cost of renting an apartment in Toronto climbs 10 per cent

It should come as no surprise that finding an affordable rental in Toronto remains a daunting task, and it isn't getting any better as a new report shows rent has climbed 10 per cent over the last year.

BNN reports that rent on bachelor apartments has climbed 10 per cent in the first quarter of this year to $1,657 from the $1,507 it sat at this time last year.

Data from the Toronto Real Estate Board shows that every standard rental-type available has rose over the last year, some by pretty substantial margins.

Average rental prices have gone up since this time last year. Image courtesy of the Toronto Real Estate Board.

The vacancy rate remains at a troubling 1.6 per cent and, combined with high rent, has made the market difficult to navigate for renters and has contributed to Toronto's reputation as being one of the least affordable places to live.

Ya’ll think dog videos are the saddest shit, have you looked at rent costs in Toronto? I’ve been out here crying for like an hour. That shit is sad.

— Amaranthine (@rosewaterwine) April 16, 2018

These numbers don't exactly provide much solace, sadly, but thanks to new provisions that have been enacted by the government, a shift toward a more reasonable rental market may be on the horizon.

by Lisa Power via blogTO