Cheap Apartments for Rent in Toronto, ON from $700 (661 Rentals)

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

property at 50 Laurel Ave

$1,025 - $1,450

1 To 2 Bedroom Rentals

Available Now

50 Laurel Ave

TorontoONM1K 3J5

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
property at 148 Islington Ave

$1,420 - $1,895

Studio To 2 Bedroom Rentals

Available Now

148 Islington Ave

TorontoONM8V 3B6
property at 62 Triller Ave

$1,450 - $1,950

Studio To 1 Bedroom Rentals

Available Now

62 Triller Ave

TorontoONM6R 2H8

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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property at 1 Oriole Rd

$1,560 - $2,395

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: 12/24/2025

Current apartment rentals in the Toronto, ON area range in price from $895 to $41,983 with an overall median price of $3,313. The three Toronto neighborhoods with the lowest median rent pricing are West Hill at $1,865, Rouge at $1,459, and Mount Dennis at $1,557. 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 Hill$1,865$1,8651
Rouge$2,039$1,4592
Mount Dennis$2,149$1,5574
Stonegate Queensway$2,199$1,7995
Lawrence Park North$2,210$1,5505
Mimico$2,248$1,10010
Broadview North$2,284$1,5005
Alderwood$2,290$1,4956
Morningside$2,350$1,45910
Maple Leaf$2,400$1,8004

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a 1 Bed unit found at Carrying Place Vista in the Kingsview Village The Westway neighborhood priced from $1,313. Mimico Estates in the Mimico neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,395. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Carrying Place VistaBachelor Unit1BR,1BA$1,313
Mimico Estates0 Beds, 1 BathsStudio,1BA$1,395
The Quad at York Phase 2Suite Style 2-2S12BR,2BA$1,399
Dundonald ArmsBachelorStudio,1BA$1,400
Marina View ApartmentsBachelorStudio,1BA$1,400
2808 KEELE APARTMENTSStudio, 1 BathroomStudio,1BA$1,400
25 St. Dennis Drive1607Studio,1BA$1,400
Islington Apartments0 Beds, 1 BathsStudio,1BA$1,420
433 WARRINGTON APARTMENTSStudio, 1 BathroomStudio,1BA$1,425
391 Sherbourne StreetBachelor*Studio,1BA$1,438

Best Value Apartments for Rent in Toronto, ON

As of December 24, 2025 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 $2,695 with a $1.48 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$1.48
Widdicombe PlaceI42BR,2BA$1.83
Cassandra Townhomes3 Beds, 1 Baths3BR,1BA$1.82
85 Henderson Avenue Townhomes2 Beds, 1 Baths2BR,1BA$1.91
145 Elinor Avenuetwo bedroom townhouse, 1.5 baths2BR,1.5BA$2.01
38 Dixington Crescent2 Beds, 1 Bath2BR,1BA$1.55
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.89
Wynford Tower2 bedroom2BR,2BA$1.95
45 & 55 Oakmount RdStudioStudio ,1BA$1.73

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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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 $1,438.

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 $3,313.

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 1,314 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 $865 which is $2,448 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

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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.

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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.