8 things you need to know about the Toronto rental market right now

The Toronto rental market is currently competitive, with high demand and low supply. Students, immigrants, and those who left during the pandemic have returned to the city, making it difficult for renters, particularly those on lower budgets. However, rental prices have not yet reached their pre-pandemic peak, and bidding wars for rentals have returned, with units with outdoor space, WFH areas, and amenities being particularly popular. Renters are advised to move fast on a unit they like and to consider alternative locations such as Yonge and Sheppard or Don Mills and Sheppard for more space and lower rent. Brampton is currently the least expensive option with an average one-bedroom rate of $1,623.