We update this page every month with the latest Toronto rental market data, helping newcomers understand how much you can expect to pay for an apartment in the city. So – how much is rent in Toronto in September 2026?
Last updated: September 2026
Anyone looking for an apartment in Toronto this month will probably notice that 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 trended downward over the past year. While prices are still well above what many newcomers might expect, and definitely above what most tenants would like to pay, 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 right now, how prices have changed over time, and what it means if you’re planning a move.
Toronto Rent Snapshot: September 2026
| Apartment Type | Median Monthly Asking Rent | Average Monthly Asking Rent | Change From August | Change From Last Year |
|---|---|---|---|---|
| One bedroom | $2,150 | $2,153 | no change | down 2.3% |
| Two bedroom | $2,600 | $2,769 | no change | down 3.7% |
| Three bedroom | $3,380 | $3,611 | no change | down 3.4% |
Toronto Rent Trends
The table below tracks median and average monthly asking rents in Toronto since Moving2Canada began monitoring the market in August 2026. We add the latest figures each month, making it easier to see how rents are changing over time.
| Month | One Bedroom | Two Bedroom | Three Bedroom |
|---|---|---|---|
| September 2026 | $2,150 | $2,600 | $3,380 |
| August 2026 | $2,150 | $2,600 | $3,380 |
How Much Is Rent in Toronto?
According to Door Insight, the median asking rent for a one-bedroom unit in Toronto is $2,150 per month as of September 2026. A two-bedroom unit has a median asking rent of $2,600, while three-bedroom units rent for around $3,380.
Asking rents held steady across most apartment types in August, suggesting that the market may be beginning to stabilize. Although, prices remain below where they were one year ago.
Although Toronto remains one of Canada’s most expensive cities to rent in, prices have dropped across every major apartment type over the past year.
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 may 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. But – the monthly decrease in rent has slowed down, as you can see when comparing the stable prices between August and September. This suggests that rents might 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, just behind the city of Vancouver, which reports even higher rental costs. Meanwhile cities such as Montreal, Calgary and Ottawa remain more affordable for many renters, though prices have also increased in recent years.
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.
How Can You Find Cheaper Rent in Toronto?
If you want cheaper rent in Toronto, you have a few options. First, look outside the downtown core. Consider renting a unit in Scarborough, North York, or Etobicoke. Generally, apartments are more expensive in downtown Toronto and in neighbourhoods close to TTC subway stations. If you’re willing to live further away, you can find cheaper options.
Another 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.
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.
Want more tips on finding a rental in Toronto? Check out our guide on finding accommodations in Canada.
Frequently Asked Questions About Toronto Rent
Is Rent Going Down in Toronto?
Yes. Toronto asking rents gone down over the past year.
Between August and September 2026, average rents held steady across all apartment types.
Is Toronto More Expensive Than Vancouver?
No. Vancouver rents are slightly more expensive than Toronto, according to the most recent data. That being said, Toronto and Vancouver are Canada’s two most expensive major rental markets and rental prices vary depending on type of unit and location.
Which Parts of Toronto Have Cheaper Rent?
For cheaper rent in Toronto, look for units in Scarborough, North York, and Etobicoke. Generally, apartments are more expensive in downtown Toronto and in neighbourhoods close to TTC subway stations, universities, and business districts.
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.
Moving2Canada updates this page each month using the latest available figures. Previous monthly prices are retained in our historical table so readers can follow changes in the Toronto rental market over time.
