Cheap Apartments for Rent in Toronto, ON from $700 (598 Rentals)

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property at 148 Islington Ave

148 Islington Ave

TorontoONM8V 3B6

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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Upper Canada Court, West
$1,495 - $2,085Studio to 2 Bedroom Apartments Available Now

Upper Canada Court, West

110 Erskine AveToronto, ON M4P 2A1
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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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890 Mount Pleasant Apartments
$1,545 - $2,225Studio to 2 Bedroom Apartments Available Now

890 Mount Pleasant Apartments

890 Mt Pleasant RdToronto, ON M4P 2L4
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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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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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Toronto, ON Local Guide

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Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 11/08/2025

Current apartment rentals in the Toronto, ON area range in price from $895 to $11,995 with an overall median price of $3,444. The three Toronto neighborhoods with the lowest median rent pricing are Bendale at $1,545, Morningside at $1,459, and Rouge at $1,459. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Bendale$1,999$1,5455
Morningside$2,004$1,4594
Rouge$2,102$1,4594
Stonegate Queensway$2,199$1,7996
Oakwood Vaughan$2,274$1,56910
Mimico$2,297$1,39512
Broadview North$2,311$1,50011
Alderwood$2,342$1,5959
Ionview$2,379$1,54512
Kennedy Park$2,379$1,59514

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at Bradley Court in the Church Yonge Corridor neighborhood priced from $1,045. Bradley Courts in the Church Yonge Corridor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,150. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bradley CourtBachelorStudio,1BA$1,045
Bradley CourtsBachelorStudio,1BA$1,150
Carrying Place VistaBachelor Unit1BR,1BA$1,313
Islington Apartments0 Beds, 1 BathsStudio,1BA$1,395
The Quad at York Phase 2Suite Style 2-2S12BR,2BA$1,399
2460 Keele St1 Bed, 1 bath1BR,1BA$1,400
25 St. Dennis Drive1607Studio,1BA$1,400
433 WARRINGTON APARTMENTSStudio, 1 BathroomStudio,1BA$1,425
608 Church StreetBACHELORStudio,1BA$1,455
Upper Canada Court, CentreBachelorStudio,1BA$1,460

Best Value Apartments for Rent in Toronto, ON

As of November 08, 2025 the best value apartment in the Toronto area is the $1.95 price per square foot 3 Bedroom Model at Romfield Circuit in the in the Richmond Hill Vaughan King neighborhood starting from $3,800. The second greatest value Toronto apartment is the 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes starting at $2,995 with a $1.72 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.
Romfield Circuit3 Bedroom3BR,1BA$1.95
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BA$1.72
Cassandra Townhomes2 Beds, 1 Baths2BR,1BA$1.69
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.86
5062-5078 Dundas West3 Bed 1 Bath A3BR,1BA$1.80
101 Driftwood AveRenovated Two bedroom2BR,1BA$1.83
Grange ApartmentsRenovated Two Bedroom2BR,1BA$2.00
Heath Residences1 Bedroom1BR,1BA$1.95
Greenview Suites1 Bedroom, 1 Bathroom1BR,1BA$1.98
45 & 55 Oakmount RdStudio, 1 bathStudio ,1BA$1.99

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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Quick Rent Budget Calculator

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!

Explore Toronto, ON Rentals by Map

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See the most popular apartments and homes in Toronto, ON

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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 $1,460.

What is the price of a cheap apartment in Toronto?

The cheapest apartment in Toronto is Carrying Place Vista which is listed at $1,313, while the average apartment in Toronto costs $3,444.

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 1,160 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 $803 which is $2,641 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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.