Cheap Homes for Rent in Toronto, ON from $500 (906 Rentals)

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

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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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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property at 4 Silversand Pl

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

1 Bedroom, 1 Bath Home for Rent

Available Apr 1

4 Silversand Pl

TorontoONM1E 4J1

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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Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 03/24/2026

Current apartment rentals in the Toronto, ON area range in price from $895 to $41,547 with an overall median price of $4,243. The three Toronto neighborhoods with the lowest median rent pricing are Woodbine Lumsden at $1,850, Keelesdale Eglinton West at $1,599, and Mount Dennis at $1,550. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Woodbine Lumsden$1,850$1,8501
Keelesdale Eglinton West$1,925$1,5994
Mount Dennis$2,074$1,5501
Dorset Park$2,100$1,1257
Lawrence Park North$2,210$1,5503
Oakwood Vaughan$2,267$1,47511
Broadview North$2,350$1,5009
Leaside Bennington$2,350$1,50012
Morningside$2,495$1,38425
Islington City Centre North$2,510$1,50077

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at 80 St. Clair East in the Moore Park neighborhood priced from $1,140. Crescent Town in the Crescent Town neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,329. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
80 St. Clair EastBachelorStudio,1BA$1,140
Crescent TownBachelorStudio,1BA$1,329
Carrying Place VistaBachelor Unit1BR,1BA$1,387
38 Lambton AveStudioStudio,1BA$1,395
The Quad at York Phase 22-2S22BR,2BA$1,399
Dundonald ArmsBachelorStudio,1BA$1,400
Truman St ClairTrumanStudio,1BA$1,400
Mimico Estates0 Beds, 1 BathsStudio,1BA$1,450
90 EastdaleSuite 61BR,1BA$1,450
Brentwood TowersBachelorStudio,1BA$1,465

Best Value Apartments for Rent in Toronto, ON

As of March 24, 2026 the best value apartment in the Toronto area is the $1.54 price per square foot 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes in the in the Mississauga Centre Streetsville neighborhood starting from $2,795. The second greatest value Toronto apartment is the Luxury Suite Model at Campus Gate Residence's starting at $1,795 with a $1.00 price per square foot in the Agincourt Malvern 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,1BA$1.54
Campus Gate Residence'sLuxury Suite6BR,3BA$1.00
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BA$1.91
Golden Elms2 Bedroom2BR,1BA$1.86
145 Elinor Avenuetwo bedroom townhouse, 1 bath2BR,1BA$1.79
680 Roselawn Avenue2 Bedroom2BR,1.5BA$1.86
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.89
5062-5078 Dundas West3 Bed 1 Bath A3BR,1BA$1.80
101 Driftwood AveRenovated Two bedroom2BR,1BA$1.92
53 Thorncliffe Park DriveOne Bedroom Apartment1BR,1BA$1.92

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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

Explore Toronto, ON Rentals by Map

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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 Toronto

What type of rentals are currently available in Toronto?

There are currently 9573 Apartments for Rent in Toronto, ON with pricing that ranges from $895 to $41,547. There are also 8983 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from $560 to $47,000.

What is the current price range for Rental Homes in Toronto?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Toronto ranges from $560 to $47,000 with an average monthly rent of $4,970.

How much are larger Three and Four Bedroom Rentals in Toronto?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Toronto range from $1,569 to $31,361, while Three Bedroom Homes, Condos, and Townhomes for rent range from $775 to $45,000. Four Bedroom Single-Family rentals are also available starting from $700 and Four Bedroom Apartments start at $1,384.

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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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.