Cheap Homes for Rent in Toronto, ON from $500 (1,136 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.

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

Read Article
property at 5 Autumn Glen Cir

$725

Total Monthly Price

Total Monthly Price

Base Rent
$725
Total Monthly Price
$725

2 Bedroom, 1 Bath Home for Rent

Available Sep 1

5 Autumn Glen Cir

TorontoONM9W 6B3

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

Read Article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

Read Article

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
Showing Results 1-50, Page 1 of 23

Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 08/15/2026

Current apartment rentals in the Toronto, ON area range in price from $895 to $24,499 with an overall median price of $2,538. The three Toronto neighborhoods with the lowest median rent pricing are Lawrence Park North at $1,555, Broadview North at $1,809, and Danforth Village East York at $1,860. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Lawrence Park North$1,555$1,4153
Broadview North$1,809$1,40012
Danforth Village East York$1,860$1,2952
Maple Leaf$1,895$1,8009
Mimico$1,896$1,40023
Birchcliffe Cliffside$1,900$1,52562
Playter Estates Danforth$1,910$1,40018
Oakwood Vaughan$1,922$1,30016
Brookhaven Amesbury$1,927$1,50030
New Toronto$1,937$1,42010

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 $1,099. Bradley Courts in the Church Yonge Corridor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,150. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bradley Court0 Bedroom(s) and 1 Bathroom(s)Studio,1BA$1,099
Bradley CourtsBachelor without BalconyStudio,1BA$1,150
3141 Jaguar ValleyBachelorStudio,1BA$1,285
256-262 Sherbourne St.0 Bedroom(s) and 1 Bathroom(s)Studio,1BA$1,299
440 Winona DriveBachelorStudio,1BA$1,300
1011 Lansdowne Ave ApartmentsStudioStudio,1BA$1,350
Mid-Town ApartmentsBachelor B1Studio,1BA$1,399
Robina SuitesOne Bedroom1BR,1BA$1,399
The Quad at York Phase 22-2S22BR,2BA$1,399
Terrace WoodStudioStudio,1BA$1,400

Best Value Apartments for Rent in Toronto, ON

As of August 15, 2026 the best value apartment in the Toronto area is the $1.61 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 2 Beds, 1 Baths Model at Cassandra Townhomes starting at $2,595 with a $1.94 price per square foot in the Banbury Don Mills York Mills 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$1.61
Cassandra Townhomes2 Beds, 1 Baths2BR,1BA$1.94
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.89
Oakview Heights2 Bedroom - Renovated2BR,1BA$1.94
38 Dixington Crescent2 Beds, 1 Bath2BR,1BA$1.74
Grange ApartmentsRenovated Two Bedroom2BR,1BA$1.98
Richview Terrace1 Bedroom1BR,1BA$1.86
Heath Residences1 Bedroom1BR,1BA$1.85
630 Roselawn Apartments1 bedroom1BR,1BA$1.78
Royal Palace Apartments1 Bed, 1 bath1BR,1BA$2.06

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 9612 Apartments for Rent in Toronto, ON with pricing that ranges from $895 to $30,559. There are also 10914 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from $550 to $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 $550 to $30,000 with an average monthly rent of $2,895.

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 $16,682, 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 $1,500 and Four Bedroom Apartments start at $1,119.

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 Rent According to Income: A Look at Income-Restricted Rentals article

Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.