Rent for one-bedroom apartment in Toronto up more than 10 per cent from last year

A new report from rentals.ca says the average monthly rent for a one-bedroom apartment in the city jumped to $2,620 in August — up 10.5 per cent from August 2022. The price of an average two-bedroom apartment now sits at $3,413 per month, up 7.1 per cent from a year ago.Rental prices have also shot up in other parts of the GTA. In Brampton, the price of a one-bedroom apartment has skyrocketed 29 per cent compared to last year and now sits at $2,274 per month.

According to the report, rental prices in Canada are up 1.8 per cent monthly and 9.6 per cent annually, reaching a record high of $2,117 in August. According to the report, asking rents are up by more than $100 over the past three months nationally across all housing types.

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