Cheap Apartments for Rent in the Waterfront Communities The Island Neighborhood of Toronto, ON from $1,700 (29 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Waterfront Communities The Island area of Toronto.

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165 Lofts
Studio to 2 Bedroom Apartments

165 Lofts

165 Bathurst StToronto, ON M5V 3C2
  • Utilities Included
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134-146 Dundas St W
1 to 2 Bedroom Apartments

134-146 Dundas St W

134-146 Dundas St WToronto, ON M5G 1C6
  • Utilities Included
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New Garden Residences
Studio to 2 Bedroom Apartments

New Garden Residences

211 Jarvis StToronto, ON M5B 2C1
Corporate Housing
  • Utilities Included
  • Smoke Free
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Grange Tower
Studio to 3 Bedroom Apartments

Grange Tower

20 St Patrick StToronto, ON M5T 2Y4
  • Utilities Included
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Velocity at the Square
Studio to 2 Bedroom Apartments

Velocity at the Square

252 Victoria StToronto, ON M5B 1V8
Student Housing
  • Utilities Included
  • Smoke Free
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Grange Apartments
Studio to 3 Bedroom Apartments

Grange Apartments

164-168 Grange AveToronto, ON M5T 2V5
Student Housing
  • Utilities Included
  • Smoke Free
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525 Richmond Street
Studio to 3 Bedroom Apartments

525 Richmond Street

525 Richmond St WToronto, ON M5V 1Y5
  • Utilities Included

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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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N°55 Mercer Condos
1 to 3 Bedroom Apartments

N°55 Mercer Condos

55 Mercer StToronto, ON M5V 9G9
Corporate Housing
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Showing Results 1-29, Page 1 of 1

Cheapest Available Waterfront Communities The Island Apartments for Rent

 

The cheapest available apartment rental in the Waterfront Communities The Island area of Toronto, ON is a Studio unit found at One32 priced from $1,825. Velocity at the Square has the second lowest priced unit, which is a Studio apartment currently listed from $1,900. Here are the most affordable Waterfront Communities The Island apartments for rent in Toronto, ON:

Apartment ListingModel NameBed/BathPriced From
One32Studio 1 BathStudio,1BA$1,825
Velocity at the SquareBachelorStudio,1BA$1,900
JazzStudio 1 BathStudio,1BA$1,925
39 Niagara0 Beds, 1 BathsStudio,1BA$1,995
The 203 ResidencesStudioStudio,1BA$1,995
Toronto HouseStudioStudio,1BA$1,995
FourFifty The WellThe GranvilleStudio,1BA$2,011
MotionStudio 1 BathStudio,1BA$2,025
West HouseS1Studio,1BA$2,074
90 Adelaide St EOne Bedroom Apartment1BR,1BA$2,150

Best Value Apartments for Rent in Waterfront Communities The Island, ON

As of November 25, 2025 the best value apartment in the Waterfront Communities The Island area is the $2.00 price per square foot Renovated Two Bedroom Model at Grange Apartments in the in the Kensington Chinatown neighborhood starting from $2,199. The second greatest value Waterfront Communities The Island apartment is the 2 Bedroom 2 Bath Model at Jazz starting at $3,700 with a $4.35 price per square foot in the Church Yonge Corridor neighborhood. Here is today’s list of the best values for Waterfront Communities The Island apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Grange ApartmentsRenovated Two Bedroom2BR,1BA$2.00
Jazz2 Bedroom 2 Bath2BR,2BA$4.35
Fifty on the ParkOne Bedroom1BR,1BA$3.91
The Quay - Tower III1 Bedroom plus Den1BR,1BA$4.14
Motion1 Bedroom 1 Bath1BR,1BA$4.32
Maple House at Canary LandingA131BR,1BA$4.63
90 Adelaide St EOne Bedroom Apartment1BR,1BA$3.98
Birch House at Canary LandingA091BR,1BA$4.64
The 203 ResidencesStudioStudio ,1BA$4.24
Toronto HouseStudioStudio ,1BA$4.41

Frequently Asked Questions about Cheap Waterfront Communities The Island Apartments

What is a cheap apartment in Waterfront Communities The Island?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Waterfront Communities The Island is under $2,150.

What is the price of a cheap apartment in Waterfront Communities The Island?

The cheapest apartment in Waterfront Communities The Island is 90 Adelaide St E which is listed at $2,150, while the average apartment in Waterfront Communities The Island costs $5,050.

What types of apartments are the cheapest in Waterfront Communities The Island?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 300 regular apartments in Waterfront Communities The Island that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Waterfront Communities The Island?

Cheap apartments in Waterfront Communities The Island have an average cost of $2,218 which is $2,832 cheaper than the average rent for all rentals in Waterfront Communities The Island.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.