No place like home: Mapping Toronto’s red-hot rental market
By: Hailey DeWitt Williams
For millennials in Toronto the stresses of finding a place to live seems to be never ending.
Housing prices continue to go through the roof, and renting is expensive and extremely competitive.
According to the Toronto Real Estate Board the average monthly rent of a one-bedroom apartment is $1,776 a month. This is up 7.4 per cent since last year.
These kinds of prices are pushing recent graduates out of the city. Simply paying off student loans and keeping up with rent means there’s not enough money left to save up for a house, or any other future plans.
It’s not just students facing this depressing situation, young adults succeeding in the workforce making a decent salary are also struggling. Millennials in particular face multiple obstacles when trying to find a place to rent in the city.
The hunt begins by finding an available apartment, preferably a place that is affordable and isn’t overrun by roaches and mice.
Young people also face an added challenge in convincing landlords that they can be responsible despite their age. But even with good credit and funds to pay the rent, they’re competing with several other potential renters for the same apartment. Especially if it’s anywhere near a subway station.
If all goes well it’s home sweet home. That is until the rent inevitably increases.
The recent CBC series, No Fixed Address, examined how Toronto’s rental market is hotter than ever.
Here’s a breakdown of the average rent that apartment hunters can expect by neighbourhood.