Cheap Homes for Rent in Toronto, ON from C$700 (473 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 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

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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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Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 09/17/2025

Current apartment rentals in the Toronto, ON area range in price from C$700 to C$30,000 with an overall median price of C$7,212. The three Toronto neighborhoods with the lowest median rent pricing are Mount Dennis at C$1,600, Thorncliffe Park at C$1,695, and Morningside at C$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
Mount DennisC$2,187C$1,6005
Thorncliffe ParkC$2,597C$1,69514
MorningsideC$2,700C$85030
WoburnC$3,000C$1,35048
Kingsview Village The WestwayC$3,099C$1,60011
Elms Old RexdaleC$3,100C$1,7006
GuildwoodC$3,100C$1,35010
Rustic Pelmo Park HumberleaC$3,300C$1,60015
Henry FarmC$3,350C$1,75046
BendaleC$3,400C$90052

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 C$1,045. 200 Roehampton Ave in the Lawrence Park South neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from C$1,100. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bradley CourtBachelorStudio,1BAC$1,045
200 Roehampton AveBachelorStudio,1BAC$1,100
Bradley CourtsBachelorStudio,1BAC$1,150
Carrying Place VistaBachelor Unit1BR,1BAC$1,313
The Quad at York Phase 2Suite Style 2-2S12BR,2BAC$1,399
391 Sherbourne StreetBACHELOR*Studio,1BAC$1,434
107 Redpath AvenueBachelor*Studio,1BAC$1,451
608 Church StreetBACHELOR*Studio,1BAC$1,455
Maya Mews0 Bedroom(s) and 1 Bathroom(s)Studio,1BAC$1,499
WELLESLEY APARTMENTSStudio, 1 BathroomStudio,1BAC$1,500

Best Value Apartments for Rent in Toronto, ON

As of September 17, 2025 the best value apartment in the Toronto area is the C$1.95 price per square foot 3 Bedroom Model at Romfield Circuit in the in the Richmond Hill Vaughan King neighborhood starting from C$3,800. The second greatest value Toronto apartment is the 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes starting at C$2,995 with a C$1.65 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,1BAC$1.95
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BAC$1.65
60-64 Henley CresType C3BR,1BAC$1.75
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BAC$1.97
Leaside TowersThree Bedroom3BR,2BAC$2.04
Lion's GateG12BR,1.5BAC$2.00
Cassandra Townhomes2 Beds, 1 Baths2BR,1BAC$1.99
Pickering Place Apartments3 Beds, 1 Baths3BR,1BAC$1.95
5062-5078 Dundas West3 Bed 1 Bath A3BR,1BAC$1.92
101 Driftwood AveRenovated One Bedroom1BR,1BAC$1.90

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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 9480 Apartments for Rent in Toronto, ON with pricing that ranges from C$895 to C$19,000. There are also 3525 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from C$700 to C$30,000.

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 C$700 to C$30,000 with an average monthly rent of C$5,144.

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 C$2,400 to C$19,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from C$900 to C$21,500. Four Bedroom Single-Family rentals are also available starting from C$1,480 and Four Bedroom Apartments start at C$2,599.

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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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.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.