How Much Is Rent in Toronto in July 2026?

Anyone looking for an apartment unit in Toronto this month will probably notice the same thing: there are more listings available than there were a year ago, and renters have a little more room to negotiate (… not a lot more room… but every bit counts!).

Toronto remains one of Canada’s most expensive rental markets, but asking rents have continued to trend downward over the past year. While prices are still well above what many newcomers might expect (and definitely well above what most tenants want), the rental market has become a bit more favourable for tenants than it was during the peak of the post-COVID housing crunch.

Here’s what renters can expect to pay in Toronto in July 2026, how prices have changed over the past year, and what it means if you’re planning a move.

Toronto Rent Snapshot: July 2026

Year-over-year change

• Studio: down 3.4 percent
• One-bedroom: down 4.4 percent
• Two-bedroom: down 5.5 percent
• Three-bedroom: down 6.1 percent

Average Rent in Toronto in July 2026

According to Door Insight, the median asking rent for a one-bedroom unit in Toronto is $2,150 per month in July 2026. A two-bedroom unit has a median asking rent of $2,800, while studios rent for around $1,900.

Although Toronto remains one of Canada’s most expensive cities to rent in, prices have eased across every major apartment type over the past year. Larger units have seen the biggest declines, with three-bedroom units recording the largest drop.

For renters, that means the market has become a little less competitive than it was in 2024 and early 2025. Don’t get us wrong – the rents are still high – but tenants might find a little more choice and slightly greater negotiating power than they would have a year ago.

Are Toronto Rents Going Up or Down?

The short answer is: down. After several years of rapid rent growth, asking rents in Toronto have slowly declined over the past year. However, the pace of those declines has also started to slow, suggesting that rents may be beginning to stabilize rather than continuing to fall.

This is mixed news for renters, many of whom are still feeling the pain of expensive housing. Monthly costs remain high, but today’s rental market is less competitive than it was during the height of the rental shortage, when units often attracted long lines of hopeful tenants with binders of documents competing to make an offer to rent.

Why Are Rents Falling in Toronto?

Several factors have combined to ease pressure on rents over the past year. One is an increase in the supply of housing. More rental housing and condominium units have become available, giving renters a bigger selection of apartments to choose from.

Population growth has also slowed compared with the record pace seen in recent years – especially due to Canada’s efforts to reduce the number of temporary workers and international students. This has eased some of the demand that drove rents higher after the pandemic.

In 2023, Toronto also introduced a steep vacancy tax for homeowners whose units remained vacant for at least six months of any year. Homeowners are taxed at a rate of 3 percent of the value of the home, incentivizing many homeowners to ensure their units were rented.

The softer rental market means landlords are competing more for tenants. Renters should have a little more luck negotiating rent than they did a year or two ago.

How Does Toronto Compare with Other Canadian Cities?

Toronto remains one of Canada’s most expensive rental markets, right alongside Vancouver, which reports similarly high rental costs. Meanwhile cities such as Montreal, Calgary and Ottawa remain more affordable for many renters, though prices have also increased post-COVID.

For newcomers deciding where to settle, housing costs are often one of the biggest differences between Canada’s major cities. A lower-paying job in a more affordable market can sometimes leave a household with more disposable income than a higher-paying position in Toronto.

What Does This Mean for Newcomers?

If you’re planning to move to Toronto this year, the rental market is still challenging, but conditions have improved.

Compared with the peak rental market of 2024, renters generally have more options to choose from and less competition for available units. That doesn’t mean finding affordable housing is easy, particularly in neighbourhoods close to downtown or major transit lines.

It’s also worth remembering that asking rent is only one part of your monthly housing costs. Utilities, tenant insurance, parking and internet might be extra, depending on the building and the lease.

If you’re preparing to move to Toronto, it’s a good idea to begin your apartment search well before your planned arrival date. Another option is to secure temporary housing for your first few months in Toronto. This will allow you to search for a longer-term lease while you can visit units in-person to make sure they’re legitimate and suit your needs.

One way to potentially reduce your rent in Toronto is to seek basement units, which typically cost less than units on above-ground floors.

There is no widely used Toronto-wide average that tracks basement units separately, but our estimates suggest that a one-bedroom basement unit may rent for around $1,400 to $2,400 per month. Prices tend to be lower outside the downtown core, while renovated units in more central neighbourhoods can cost considerably more.

Basement apartments vary significantly in size, natural light and overall condition, so renters should always visit the unit in-person and confirm that it meets local safety and housing requirements before signing a lease.

Want more tips on finding a rental in Toronto? Check out our guide on finding accommodations in Canada.

Where Does This Data Come From?

The figures in this article are based primarily on Door Insight’s monthly Toronto rental market data, which tracks asking rents from active rental listings across the city.

Because different organizations measure rents in different ways, you’ll often see slightly different figures depending on the source. Some reports track advertised asking rents, while others analyze completed lease transactions or rely on user-submitted data.