Cheap Apartments for Rent in Toronto, ON from $700 (707 Rentals)

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

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Clearview on the Park
Rent Specials
$1,246 - $2,395
Total Monthly Price

Total Monthly Price

Base Rent
$1,246 - $2,395
Total Monthly Price
$1,246 - $2,395
Studio to 2 Bedroom Apartments Available Now

Clearview on the Park

31 Clearview HtsToronto, ON M6M 2A2
Student Housing
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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property at 2938 Danforth Ave

$1,400 - $1,699

Studio To 1 Bedroom Rentals

Available Now

2938 Danforth Ave

TorontoONM4C 1M5

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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property at 148 Islington Ave

$1,495 - $1,790

Studio To 2 Bedroom Rentals

Available Now

148 Islington Ave

TorontoONM8V 3B6

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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property at 50 Old Yonge St

$1,500 - $3,000

Studio To 2 Bedroom Rentals

Available Now

50 Old Yonge St

TorontoONM2P 1P7

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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890 Mount Pleasant Apartments
$1,560 - $2,350Studio to 2 Bedroom Apartments Available Now

890 Mount Pleasant Apartments

890 Mt Pleasant RdToronto, ON M4P 2L4
Affordability
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property at 1 Oriole Rd

$1,560 - $2,295

Studio To 2 Bedroom Rentals

Available Now

1 Oriole Rd

TorontoONM4V 2E7

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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Toronto, ON Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 02/08/2026

Current apartment rentals in the Toronto, ON area range in price from $800 to $10,995 with an overall median price of $3,109. The three Toronto neighborhoods with the lowest median rent pricing are Lawrence Park North at $1,550, Keelesdale Eglinton West at $1,649, and Woodbine Lumsden at $1,850. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Lawrence Park North$1,550$1,5501
Keelesdale Eglinton West$1,824$1,6492
Woodbine Lumsden$1,850$1,8501
West Hill$1,890$1,8901
Clairlea Birchmount$1,975$1,6004
High Park Swansea$2,175$1,4951
Caledonia Fairbank$2,197$2,0972
Oakwood Vaughan$2,284$1,4999
Alderwood$2,290$1,8952
Broadview North$2,294$1,5008

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at Clearview on the Park in the Beechborough Greenbrook neighborhood priced from $1,246. 3141 Jaguar Valley in the Cooksville neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,285. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Clearview on the ParkBachelorStudio,1BA$1,246
3141 Jaguar ValleyBachelorStudio,1BA$1,285
90 EastdaleSuite 114Studio,1BA$1,295
Carrying Place VistaBachelor Unit1BR,1BA$1,387
The Quad at York Phase 22-2S22BR,2BA$1,399
Crescent TownBachelorStudio,1BA$1,399
Marina View ApartmentsBachelorStudio,1BA$1,400
Dundonald ArmsBachelorStudio,1BA$1,400
391 Sherbourne StreetBachelor*Studio,1BA$1,438
103 & 105 West Lodge0 Bedroom(s) and 1 Bathroom(s)Studio,1BA$1,439

Best Value Apartments for Rent in Toronto, ON

As of February 08, 2026 the best value apartment in the Toronto area is the $1.79 price per square foot 3 Bedroom Model at Golden Elms in the in the Elms Old Rexdale neighborhood starting from $3,319. The second greatest value Toronto apartment is the 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes starting at $2,795 with a $1.54 price per square foot in the Mississauga Centre Streetsville 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.
Golden Elms3 Bedroom3BR,2BA$1.79
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BA$1.54
Cassandra Townhomes3 Beds, 1 Baths3BR,1BA$1.82
Lion's GateG12BR,1.5BA$1.87
85 Henderson Avenue Townhomes2 Beds, 1 Baths2BR,1BA$1.91
145 Elinor Avenuetwo bedroom townhouse, 1.5 baths2BR,1.5BA$1.79
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.89
Oakview Heights2 Bedroom - Renovated2BR,1BA$1.76
Grange ApartmentsRenovated Two Bedroom2BR,1BA$1.82
5062-5078 Dundas West2 Bed 1 Bath A2BR,1BA$1.90

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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How much rent can you afford?

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 $1,439.

What is the price of a cheap apartment in Toronto?

The cheapest apartment in Toronto is Carrying Place Vista which is listed at $1,387, while the average apartment in Toronto costs $3,109.

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 1,150 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 $1,406 which is $1,703 cheaper than the average rent for all rentals in Toronto.

Expert Rental Resources

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.

Articles, How-To's, and Tips

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.