Cheap Homes for Rent in Toronto, ON from $700 (764 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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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 180 Eileen Av

$1,000

1 Bedroom, 1 Bath Home for Rent

Available Feb 7

180 Eileen Av

TorontoONM6N 1W1

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: 02/06/2026

Current apartment rentals in the Toronto, ON area range in price from $800 to $10,995 with an overall median price of $3,354. The three Toronto neighborhoods with the lowest median rent pricing are Keelesdale Eglinton West at $1,649, Lawrence Park North at $1,550, and Oakwood Vaughan at $1,499. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Keelesdale Eglinton West$1,824$1,6492
Lawrence Park North$2,210$1,5505
Oakwood Vaughan$2,242$1,49910
Alderwood$2,290$1,7256
Broadview North$2,294$1,5008
Playter Estates Danforth$2,294$1,50018
Bendale$2,299$1,9495
Rustic Pelmo Park Humberlea$2,360$1,4998
Kingsway South$2,387$1,72512
Islington City Centre North$2,472$1,45051

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. Clearview on the Park in the Beechborough Greenbrook neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,246. 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
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
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 07, 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
60-64 Henley Cres2 bedroom + den2BR,1BA$1.93
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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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 9488 Apartments for Rent in Toronto, ON with pricing that ranges from $800 to $11,700. There are also 4607 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 $4,713.

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 $1,509 to $10,995, while Three Bedroom Homes, Condos, and Townhomes for rent range from $800 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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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.