Cheap Apartments for Rent in Toronto, ON from C$700 (471 Rentals)

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Search the lowest-cost Apartments available for rent right now in Toronto.

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Upper Canada Court, West
C$1,665 - C$2,415Studio to 2 Bedroom Apartments Available Now

Upper Canada Court, West

110 Erskine AveToronto, ON M4P 2A1
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property at 1 Oriole Rd

1 Oriole Rd

TorontoONM4V 2E7
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Toronto, ON Local Guide

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Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 07/28/2025

Current apartment rentals in the Toronto, ON area range in price from C$890 to C$19,000 with an overall median price of C$3,350. The three Toronto neighborhoods with the lowest median rent pricing are West Hill at C$1,915, Bendale at C$1,790, and Playter Estates Danforth at C$1,695. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
West HillC$1,915C$1,9151
BendaleC$2,049C$1,7901
Playter Estates DanforthC$2,195C$1,6958
Long BranchC$2,200C$1,8754
Oakwood VaughanC$2,283C$1,5008
Leaside BenningtonC$2,299C$1,6955
AlderwoodC$2,350C$1,8756
Broadview NorthC$2,397C$1,6956
Old East YorkC$2,399C$1,3007
Stonegate QueenswayC$2,399C$1,7953

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a 1 Bed unit found at 25 Mabelle in the Islington City Centre North neighborhood priced from C$1,250. 103 Spadina Rd in the University Annex neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from C$1,250. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
25 Mabelle1 Bedroom1BR,1BAC$1,250
103 Spadina RdPrivate RoomStudio,1BAC$1,250
40 Beaty AvStudioStudio,1BAC$1,345
Dawes Apartments0 BedroomStudio,1BAC$1,500
WELLESLEY APARTMENTSStudio, 1 BathroomStudio,1BAC$1,500
30 Springhurst AveStudioStudio,1BAC$1,500
Wellesley Parliament SquareStudio, 1 bathStudio,1BAC$1,525
Dundonald ArmsBachelorStudio,1BAC$1,550
433 WARRINGTON APARTMENTSStudio, 1 BathroomStudio,1BAC$1,550
JARVIS COURT APARTMENTSBachelorStudio,1BAC$1,550

Best Value Apartments for Rent in Toronto, ON

As of July 28, 2025 the best value apartment in the Toronto area is the C$1.65 price per square foot 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes in the in the Mississauga Centre Streetsville neighborhood starting from C$2,995. The second greatest value Toronto apartment is the 3 Beds, 1 Baths Model at 85 Henderson Avenue Townhomes starting at C$3,290 with a C$1.97 price per square foot in the Richmond Hill Vaughan King neighborhood. Here is today’s list of the best values for Toronto apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BAC$1.65
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BAC$1.97
Leaside TowersThree Bedroom3BR,2BAC$2.04
660 Briar Hill2 bedroom2BR,2BAC$2.00
Clifton Manor1 bedroom1BR,1BAC$1.84
Clifton Manor1 Bedroom1BR,1BAC$1.84
53 Thorncliffe Park DriveOne Bedroom Apartment1BR,1BAC$2.08
Greenview Suites1 Bedroom, 1 Bathroom1BR,1BAC$1.93
168 Erskine2 Beds, 2 baths2BR,2BAC$1.90
1780 Lawrence Av EOne Bedroom1BR,1BAC$1.98

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Toronto Overview

Toronto is a fantastic place to call home. With thousands of available rentals all over the city, find your perfect new place with ease!

Why live in Toronto, ON?

There are a number of reasons that folks living in apartments in Toronto, and people in general, enjoy living in Toronto. It is a true melting pot of cultures, it has a variety of beautiful green spaces and entertainment options, and its a good place to get a job. Citizens of Toronto also enjoy a high quality of life, excellent health care and education prospects, and a high-octane public transportation system to get from A to B. If you enjoy that bustling big-city feel, Toronto is probably for you.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Toronto, ON Area Reviews

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Dee • 4+ years in Toronto

February 25, 2025

30 years here ... its not impressive working people cant afford rent

Frequently Asked Questions about Cheap Toronto Apartments

What is a cheap apartment in Toronto?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Toronto is under C$1,550.

What is the price of a cheap apartment in Toronto?

The cheapest apartment in Toronto is 25 Mabelle which is listed at C$1,250, while the average apartment in Toronto costs C$3,350.

What types of apartments are the cheapest in Toronto?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 31 regular apartments in Toronto that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Toronto?

Cheap apartments in Toronto have an average cost of C$199 which is C$3,151 cheaper than the average rent for all rentals in Toronto.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.