Cheap Apartments for Rent in the Waterfront Communities The Island Neighborhood of Toronto, ON from $1,000 (462 Rentals)

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

property at 526 Dundas St W

$1,010

Total Monthly Price

Total Monthly Price

Base Rent
$1,010
Total Monthly Price
$1,010

1 Bedroom, 1 Bath Home for Rent

Available Now

526 Dundas St W

TorontoONM5T 1H3
property at 227 Spadina Av

$1,600 - $1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,600 - $1,800
Total Monthly Price
$1,600 - $1,800

Studio To 2 Bedroom Homes for Rent

Available Now

227 Spadina Av

TorontoONM5T 2E2

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The Richmond
$1,719 - $2,839Studio to 2 Bedroom Apartments

The Richmond

620 Richmond St WToronto, ON M5V 3C2
  • Utilities Included
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134-146 Dundas St W
$1,750 - $2,4951 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
$1,750 - $3,650Studio to 2 Bedroom Apartments

New Garden Residences

211 Jarvis StToronto, ON M5B 2C1
Corporate Housing
  • Utilities Included
  • Smoke Free

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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Showing Results 1-50, Page 1 of 10

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 $1,850. Jazz has the second lowest priced unit, which is a Studio apartment currently listed from $1,940. Here are the most affordable Waterfront Communities The Island apartments for rent in Toronto, ON:

Apartment ListingModel NameBed/BathPriced From
One32Studio 1 BathStudio,1BA$1,850
JazzStudio 1 BathStudio,1BA$1,940
Fifty on the ParkStudioStudio,1BA$2,025
Toronto HouseStudioStudio,1BA$2,038
39 Niagara0 Beds, 1 BathsStudio,1BA$2,042
The 203 ResidencesStudioStudio,1BA$2,095
West HouseS2Studio,1BA$2,119
Birch House at Canary LandingA141BR,1BA$2,243
The DarcyBachelorStudio,1BA$2,303
525 Richmond Street1 Bedroom 1 Bath1BR,1BA$2,369

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

As of April 16, 2026 the best value apartment in the Waterfront Communities The Island area is the $3.07 price per square foot The Spadina Model at The Residences at The Well in the in the Waterfront Communities The Island neighborhood starting from $4,000. The second greatest value Waterfront Communities The Island apartment is the TC1 Model at Birch House at Canary Landing starting at $4,241 with a $4.22 price per square foot in the Moss Park Regent Park 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.
The Residences at The WellThe Spadina2BR,2BA$3.07
Birch House at Canary LandingTC13BR,2BA$4.22
Jazz2 Bedroom 1 Bath2BR,1BA$4.18
525 Richmond Street1 Bedroom 1 Bath1BR,1BA$3.34
The Quay - Tower III1 Bedroom plus Den1BR,1BA$4.14
MotionB1 | 1 Bed | 1 Bath1BR,1BA$4.49
Cherry House at Canary LandingA101BR,1BA$4.82
Maple House at Canary LandingA81BR,1BA$4.68
The 203 ResidencesStudioStudio ,1BA$4.46
Toronto HouseStudioStudio ,1BA$4.51

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 $2,369.

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

The cheapest apartment in Waterfront Communities The Island is The 203 Residences which is listed at $2,205, while the average apartment in Waterfront Communities The Island costs $18,811.

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 199 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 $1,399 which is $17,412 cheaper than the average rent for all rentals in Waterfront Communities The Island.

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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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

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Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.