Cheap Homes for Rent in Toronto, ON from $500 (1,023 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

property at 1 Boyce Av

$700

Total Monthly Price

Total Monthly Price

Base Rent
$700
Total Monthly Price
$700

1 Bedroom, 1 Bath Home for Rent

Available Jun 1

1 Boyce Av

TorontoONM1J 1K4

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

Read Article

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.

Read Article
property at 24 Cliffwood Rd

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

3 Bedroom, 1 Bath Home for Rent

Available Now

24 Cliffwood Rd

TorontoONM2H 3G4
property at 177 Delaware Av

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

1 Bedroom, 1 Bath Home for Rent

Available Now

177 Delaware Av

TorontoONM6H 2T2

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.

Read Article

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.

Read Article

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.

Read Article
Showing Results 1-50, Page 1 of 21

Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 05/09/2026

Current apartment rentals in the Toronto, ON area range in price from $895 to $24,397 with an overall median price of $4,101. The three Toronto neighborhoods with the lowest median rent pricing are Woodbine Lumsden at $1,295, Danforth Village East York at $1,950, and Playter Estates Danforth at $1,500. 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$1,875$1,2951
Danforth Village East York$1,972$1,9501
Playter Estates Danforth$2,100$1,50018
Lawrence Park North$2,210$1,3953
Oakwood Vaughan$2,225$1,49918
Broadview North$2,350$1,50016
Keelesdale Eglinton West$2,357$1,4994
Leaside Bennington$2,399$1,50023
Edenbridge Humber Valley$2,475$1,70011
Morningside$2,497$1,38424

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at 7-9 Homewood Ave in the Cabbagetown S St James Town neighborhood priced from $749. 24 2nd Street Apartments in the Mimico neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $800. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
7-9 Homewood AveRoomStudio,1BA$749
24 2nd Street ApartmentsPremium Two Bedroom2BR,1BA$800
Bradley CourtBachelorStudio,1BA$1,045
Bradley CourtsBachelor with BalconyStudio,1BA$1,200
256-262 Sherbourne St.0 Bedroom(s) and 1 Bathroom(s)Studio,1BA$1,299
Crescent TownBachelorStudio,1BA$1,329
1011 Lansdowne Ave ApartmentsStudioStudio,1BA$1,350
LakeshoreStudio, 1 bathStudio,1BA$1,350
2346 WestonBachelor Unit1BR,1BA$1,387
2393 Queen St EBachelorStudio,1BA$1,395

Best Value Apartments for Rent in Toronto, ON

As of May 09, 2026 the best value apartment in the Toronto area is the $1.79 price per square foot 3 Bedroom Model at Romfield Circuit in the in the Richmond Hill Vaughan King neighborhood starting from $3,500. 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.
Romfield Circuit3 Bedroom3BR,1BA$1.79
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BA$1.54
Campus Gate Residence'sDeluxe Suite6BR,3BA$0.78
60-64 Henley Cres3 bedroom3BR,1BA$1.69
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BA$1.91
Golden Elms2 Bedroom2BR,1BA$1.86
680 Roselawn Avenue2 Bedroom2BR,1.5BA$1.80
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.89
111 Inverlochy BoulevardTwo bedroom,one bathroom2BR,1BA$1.89
630 Roselawn Apartments1 bedroom1BR,1BA$1.78

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.

Read Article
Decorative image

Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Toronto, ON Rentals by Map

Decorative image of map

See the most popular apartments and homes in Toronto, ON

View Map
Toronto, ON Apartments Map
View Map
Toronto, ON Rental Homes Map

Toronto, ON Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

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 9542 Apartments for Rent in Toronto, ON with pricing that ranges from $895 to $41,025. There are also 8749 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from $560 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 $560 to $35,000 with an average monthly rent of $4,947.

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 $24,397, 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 $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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.