Cheap Homes for Rent in Toronto, ON from $300 (777 Rentals)

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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.

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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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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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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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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.

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Toronto, ON Local Guide

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 06/23/2026

Current apartment rentals in the Toronto, ON area range in price from $895 to $42,461 with an overall median price of $5,062. The three Toronto neighborhoods with the lowest median rent pricing are Keelesdale Eglinton West at $1,599, Woodbine Lumsden at $1,295, and Mount Dennis at $1,599. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Keelesdale Eglinton West$1,599$1,5992
Woodbine Lumsden$1,900$1,2954
Mount Dennis$1,941$1,5992
Playter Estates Danforth$2,150$1,50019
Lawrence Park North$2,210$1,5553
Oakwood Vaughan$2,228$1,30017
Broadview North$2,275$1,50014
Alderwood$2,300$1,67510
Bedford Park Nortown$2,549$1,57921
Bayview Woods Steeles Hillcrest Vlg$2,635$1,99514

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 $1,025. Bradley Court in the Church Yonge Corridor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,045. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
7-9 Homewood AveRoomStudio,1BA$1,025
Bradley CourtBachelorStudio,1BA$1,045
Bradley CourtsBachelor with BalconyStudio,1BA$1,200
90 EastdaleSuite 114Studio,1BA$1,295
256-262 Sherbourne St.0 Bedroom(s) and 1 Bathroom(s)Studio,1BA$1,299
440 Winona DriveBachelorStudio,1BA$1,300
650 Parliament StStudio, 1 bathStudio,1BA$1,300
Crescent TownBachelorStudio,1BA$1,329
1011 Lansdowne Ave ApartmentsStudioStudio,1BA$1,350
Keele ApartmentsBachelorStudio,1BA$1,375

Best Value Apartments for Rent in Toronto, ON

As of June 24, 2026 the best value apartment in the Toronto area is the $1.45 price per square foot S1-A Model at Bayview Mews in the in the Bayview Village neighborhood starting from $3,270. The second greatest value Toronto apartment is the 3 Bedroom Model at Romfield Circuit starting at $3,500 with a $1.79 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.
Bayview MewsS1-A3BR,2BA$1.45
Romfield Circuit3 Bedroom3BR,1BA$1.79
Campus Gate Residence'sDeluxe Suite6BR,3BA$0.78
Bloor and Havenwood Townhomes3 Beds, 1 Baths3BR,1BA$1.55
85 Henderson Avenue Townhomes3 Beds, 1 Baths3BR,1BA$1.91
Bathville Towers3 Bedroom3BR,1.5BA$1.97
Heath Residences3 Bedroom3BR,1.5BA$1.96
Pickering Place Apartments3 Beds, 1 Baths3BR,1BA$1.87
53 Thorncliffe Park DriveOne Bedroom Apartment1BR,1BA$1.92
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.

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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.

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

Explore Toronto, ON Rentals by Map

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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 9590 Apartments for Rent in Toronto, ON with pricing that ranges from $895 to $42,461. There are also 11555 Single Family Homes for rent, Condos, and Townhome rentals currently available in Toronto ranging from $399 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 $399 to $30,000 with an average monthly rent of $4,456.

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 $16,677, 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 $900 and Four Bedroom Apartments start at $1,069.

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

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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.

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.