Cheap Homes for Rent in Toronto, ON from $700 (741 Rentals)

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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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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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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

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 12/17/2025

Current apartment rentals in the Toronto, ON area range in price from $700 to $35,000 with an overall median price of $7,560. The three Toronto neighborhoods with the lowest median rent pricing are Maple Leaf at $1,700, Ionview at $1,000, and Flemingdon Park 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
Maple Leaf$2,400$1,7005
Ionview$2,800$1,0007
Flemingdon Park$3,150$1,85035
Elms Old Rexdale$3,200$1,1007
Henry Farm$3,300$1,80028
Keelesdale Eglinton West$3,400$1,49520
Rouge$3,400$75073
Rexdale Kipling$3,450$1,6996
Kennedy Park$3,500$1,30021
Long Branch$3,500$1,45034

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 17, 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 $2,795 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
Leaside TowersThree Bedroom3BR,2BA$2.04
Cassandra Townhomes3 Beds, 1 Baths3BR,1BA$1.82
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
3388 Bathurst St Apartments2 Bedroom2BR,1BA$1.87
45 & 55 Oakmount RdStudioStudio ,1BA$1.73
779-781 Danforth2 Bed 1 Bath A2BR,1BA$1.68

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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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 Toronto

What type of rentals are currently available in Toronto?

There are currently 9524 Apartments for Rent in Toronto, ON with pricing that ranges from $450 to $44,129. There are also 4964 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from $700 to $35,000.

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 $700 to $35,000 with an average monthly rent of $6,058.

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 $1,180 to $14,727, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $30,000. Four Bedroom Single-Family rentals are also available starting from $800 and Four Bedroom Apartments start at $1,459.

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.