Cheap Homes for Rent in Toronto, ON from C$700 (507 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 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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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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Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 08/03/2025

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$3,378. The three Toronto neighborhoods with the lowest median rent pricing are West Hill at C$1,905, Long Branch at C$1,600, and Oakwood Vaughan at C$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
West HillC$1,905C$1,9051
Long BranchC$2,200C$1,6006
Oakwood VaughanC$2,283C$1,5008
Leaside BenningtonC$2,299C$1,6957
AlderwoodC$2,350C$1,8757
Broadview NorthC$2,397C$1,6958
Playter Estates DanforthC$2,397C$1,69510
Old East YorkC$2,399C$1,3007
Stonegate QueenswayC$2,399C$1,7955
Maple LeafC$2,400C$1,7007

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at 103 Spadina Rd in the University Annex neighborhood priced from C$1,250. ORCA in the East End Danforth neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from C$1,477. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
103 Spadina RdPrivate RoomStudio,1BAC$1,250
ORCABachelorStudio,1BAC$1,477
25 MabelleBachelorStudio,1BAC$1,500
Dawes Apartments0 BedroomStudio,1BAC$1,500
WELLESLEY APARTMENTSStudio, 1 BathroomStudio,1BAC$1,500
Monterey ParkOne Bedrrom1BR,1BAC$1,500
30 Springhurst AveStudioStudio,1BAC$1,500
Wellesley Parliament SquareStudio, 1 bathStudio,1BAC$1,525
433 WARRINGTON APARTMENTSStudio, 1 BathroomStudio,1BAC$1,550
JARVIS COURT APARTMENTSBachelorStudio,1BAC$1,550

Best Value Apartments for Rent in Toronto, ON

As of August 03, 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 3 Beds, 1 Baths Model at 85 Henderson Avenue Townhomes starting at C$3,290 with a C$1.97 price per square foot in the Richmond Hill Vaughan King 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
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BAC$1.97
Leaside TowersThree Bedroom3BR,2BAC$2.04
60-64 Henley Cres2 bedroom + den2BR,1BAC$2.00
5062-5078 Dundas West3 Bed 1 Bath A3BR,1BAC$1.98
Clifton Manor1 Bedroom1BR,1BAC$1.84
Clifton Manor1 bedroom1BR,1BAC$1.84
Greenview Suites1 Bedroom, 1 Bathroom1BR,1BAC$1.98
168 Erskine2 Beds, 2 baths2BR,2BAC$1.90
1780 Lawrence Av EOne Bedroom1BR,1BAC$1.98

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 9449 Apartments for Rent in Toronto, ON with pricing that ranges from C$890 to C$19,000. There are also 3818 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from C$750 to C$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 C$750 to C$35,000 with an average monthly rent of C$4,403.

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$2,100 to C$19,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from C$800 to C$21,500. Four Bedroom Single-Family rentals are also available starting from C$800 and Four Bedroom Apartments start at C$1,095.

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 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.

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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.