, Ontario has the second-highest rental rates in the country. The average monthly rent for an apartment in the province was $2,332 in July, up 15.2% since last year and 3.1% since June.
With prices that would make anyone look twice, it may not be the best time to hunt for a rental in the GTA — but not everybody has the luxury to wait around for a more approachable market.Karima Jaffer has been on the hunt for a rental apartment in the Toronto area since February. She’s willing to live with a roommate, she’s open to all housing types, and although she initially set out to live somewhere between the Annex and Dundas West, she’s willing to consider most areas.
Jaffer estimates that since starting her search she’s inquired about some 300 listings. Of those, she’s only been able to see about 20 units in person. From Jaffer’s standpoint, there is a clear and disheartening lack of accountability and power imbalance at play in today’s rental market. And while the acknowledges the challenging reality for renters, they attribute such conditions to the market balancing out.
But false advertising is just the tip of the iceberg. She’s viewed basement apartments for around $600 per month, a closet outfitted with a bed for around $1,000 per month, and even couches for rent for around $500 to $700 per month. released by TorontoRentals.com in June found that rents were highest in the Bay Street Corridor and the downtown core. Meanwhile, rents were lowest in South Parkdale and Cabbagetown-South St. Jamestown.
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