Cheap Homes for Rent in Toronto, ON from C$700 (489 Rentals)

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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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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: 06/18/2025

Current apartment rentals in the Toronto, ON area range in price from C$890 to C$19,000 with an overall median price of C$3,666. The three Toronto neighborhoods with the lowest median rent pricing are Rouge at C$1,000, West Hill at C$1,700, and Woodbine Lumsden at C$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
RougeC$1,700C$1,0002
West HillC$1,835C$1,7001
Woodbine LumsdenC$1,850C$1,8501
Stonegate QueenswayC$2,195C$2,1951
Agincourt MalvernC$2,292C$8908
MorningsideC$2,600C$1,80012
WoburnC$2,600C$1,80023
AlderwoodC$2,770C$1,70053
Elms Old RexdaleC$2,799C$1,79940
Mt Olive JamestownC$2,800C$1,80013

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

Apartment ListingModel NameBed/BathPriced From
Bradley CourtBachelorStudio,1BAC$1,045
Bradley CourtsBachelorStudio,1BAC$1,150
103 Spadina RdPrivate RoomStudio,1BAC$1,250
Carrying Place VistaBachelor Unit1BR,1BAC$1,313
40 Beaty AvStudioStudio,1BAC$1,345
1011 Lansdowne Ave ApartmentsStudeioStudio,1BAC$1,350
641 Vaughan RoadBachelor CStudio,1BAC$1,375
Islington Apartments0 Beds, 1 BathsStudio,1BAC$1,485
WELLESLEY APARTMENTSStudio, 1 BathroomStudio,1BAC$1,500
JARVIS COURT APARTMENTSBachelorStudio,1BAC$1,500

Best Value Apartments for Rent in Toronto, ON

As of June 19, 2025 the best value apartment in the Toronto area is the C$1.65 price per square foot 3 Beds, 1 Baths Model at Bloor and Havenwood Townhomes in the in the Mississauga Centre Streetsville neighborhood starting from C$2,995. The second greatest value Toronto apartment is the Three Bedroom Model at Leaside Towers starting at C$3,300 with a C$2.04 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,1BAC$1.65
Leaside TowersThree Bedroom3BR,2BAC$2.04
Cassandra Townhomes3 Beds, 1 Baths3BR,1BAC$1.95
Lion's GateG12BR,1.5BAC$1.94
287 Markland Drive3 Bedrooms3BR,1BAC$2.10
Pickering Place Apartments3 Beds, 1 Baths3BR,1BAC$2.00
Clifton Manor1 Bedroom1BR,1BAC$1.86
101 Driftwood AveRenovated One Bedroom1BR,1BAC$2.10
53 Thorncliffe Park DriveOne Bedroom Apartment1BR,1BAC$2.08
156 Kingston Rd1 Bedroom1BR,1BAC$2.14

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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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 9450 Apartments for Rent in Toronto, ON with pricing that ranges from C$890 to C$19,000. There are also 3830 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from C$700 to C$40,000.

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$40,000 with an average monthly rent of C$5,005.

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$1,300 to C$22,500. Four Bedroom Single-Family rentals are also available starting from C$1,150 and Four Bedroom Apartments start at C$1,495.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.