Rent prices for one-bedroom apartments in Toronto just reached a new four-year low
The COVID-19 pandemic has had a major impact on Toronto's rental market since it first arrived last March — resulting in rent prices not seen in several years — and the latest data shows this month is no exception.
A new report from Padmapper indicates that the median one-bedroom rent in Toronto now sits at just $1,750, continuing the downhill trend that has shaken up the city's rental market following years of uncontrollable exponential growth.
The last time Toronto saw rental prices this low was in February of 2017, according to the report, when it was at $1,700.
This new median represents a 1.1 per cent decrease from one-bedroom rents last month, which stood at $1,770, and a whopping 21.5 per cent decline from prices at this time last year.
But while one-bedroom rent prices continued the downward trend in March, rents for two-bedroom units actually inched up slightly from last month.
The report reveals that the median two-bedroom rent increased by 0.4 per cent from last month, up to $2,350 from $2,340 in February.
Still, this price represents an 18.1 per cent decrease from the same time last year.
Vancouver overtook Toronto as the most expensive rental market in the country back in December, and that remains true — with one-bedroom prices sitting at $1,900 and two-bedrooms costing $2,630, according to Padmapper.
But Toronto is a close second, as both cities continue to hit record-low rents while the rest of the country stabilizes.
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