Downtown Toronto Neighbourhood Rentals Guide
Overview: Renting in Downtown Toronto
There are many reasons why Toronto is a great city. Not only is Toronto ranked as one of the most livable cities in the world – based on education, healthcare, culture and environment – Toronto is also diverse in culture and offers many opportunities in finance, business and entertainment.
This city is also a foodie’s paradise, home to major sports teams, and ranked as one of the safest places to live in the world. Plus, it’s a great base for exploring other major cities like New York, Montreal and Washington DC – all just a short flight away.
In this guide, we’ll provide a brief summary of Toronto’s current rental market as well as a summary of some of Downtown Toronto’s most popular neighbourhoods to give you an idea of where you may want to find a place to rent in the city.
Remember to consider the different factors that are important to you when finding the right neighbourhood – is it the proximity to work? Access to transportation? Somewhere a bit quieter? Or are you looking for a neighbourhood that is family-friendly?
Toronto Rental Market
Market Summary
Looking for a unit to rent in Toronto? You will need to act fast. A recent rental market report released by TRREB revealed a strong rental demand due to a decline in the number of units available to rent. Due to tightening rental market conditions like the decline in available units – average rental prices are expected to trend further upward in 2022 and finding cheap apartments for rent in Toronto will become more difficult. Immigration is also expected to increase this year, meaning the demand for units will also continue to increase.
Studio Apartments
As of January 2022, the average rent for a studio apartment in Toronto is $1,449 a month, which is a 4% increase from the same period last year.
1-Bedroom apartment
The average rent for 1-bedroom apartments is $1,875 per month, which is a 7% increase from the same period last year.
2-Bedroom apartment
The average rent for 2-bedroom apartments at $2,395 per month, which is a 3% increase from the same period last year.
Current Listings in Toronto
Downtown Toronto Neighbourhoods To Rent In
Whether you enjoy the hustle and bustle of city life or prefer a quieter scene, there is a neighbourhood for everyone in Toronto!
The Annex
The Annex is known as one of Toronto’s most historical neighbourhoods – known for the annex-style homes in the area. It has now become a richly historic and unique neighbourhood in Downtown Toronto where you can find Toronto’s best boutiques and restaurants. Everything you need in The Annex is within walking distance, and it’s home to many young 20-somethings, as many students from The University of Toronto reside here. There’s also a great music scene, plenty of nightlife, greenery and history to explore here.
Average Rent
Here are January 2022 average rent prices for apartments in The Annex:
- Studio: $1,390
- 1 Bedroom: $1,799
- 2 Bedroom: $2,696
- 3 Bedroom: $3,188
Current rental listings in The Annex:
Things to do
If you’re into live music, check out Lee’s Palace – The Annex’s staple concert venue.
For the bookworms out there, BMV Books is the local favourite
Grab drinks with your friends at Madison Avenue Pub and enjoy live music and sports with beer, karaoke and delicious eats
Watch a documentary at Bloor Hot Docs Cinema
Get competitive with your friends at Snakes and Lattes for all things board games
Food
With so many different cuisines in the area – you can’t go wrong with finding a delicious food spot in The Annex. Some must tries in the area include:
The Burger’s Priest – locals know this is the best place to satisfy your cheeseburger and fries cravings
Roti Cuisine of India – if you’re looking for authentic Indian food, this is it! Wake up your taste buds with the unique taste of India here
Fresh Restaurants – for modern vegetarian and vegan eats, check out this popular eatery with almost 1,500 Google reviews
Transportation in The Annex
One of the major perks of living in The Annex is the ease of transportation. There are so many ways to get around this part of Downtown Toronto including the subway, train and bus. There’s also options for rideshare in the area and plenty of spots to rent a bike in this area.
Schools in The Annex
There is a good mix of both public and private schools for students of all ages in The Annex including Annex Montessori, Jesse Ketchum Junior and Senior Public School, Paul Penna Downtown Jewish Day School, and The University of Toronto (Bloor Site).
Cabbagetown
Cabbagetown has become one of Toronto’s most gentrified areas since experiencing a cultural and economic explosion in the 1970s. This part of Toronto is occupied with mostly middle-aged adults and families and is famous for its Victorian-styled architecture, cafes, and pubs. Expect to discover a selection of Japanese, South Asian and Italian restaurants here.
Average Rent
Here are January 2022 average rent prices for apartments in Cabbagetown:
- Studio: $1,284
- 1 Bedroom: $1,587
- 2 Bedroom: $2,229
- 3 Bedroom: $4,600
Current rental listings in Cabbagetown:
Things to do
Stroll down the streets lined with Victorian houses
Visit Allan Gardens which features the beautiful Allan Gardens Conservatory, two off-leash dog parks and a playground
See goats, cows and different livestock in the heart of the city at Riverdale Farm
Catch a live music performance at the Phoenix Concert Theatre
Food
One of the best things about this district is the culinary scene! Here are some local favourites:
Red Cranberries Restaurant – a hidden gem in Cabbagetown featuring a global menu in a homey atmosphere
Salt & Tobacco – locals say this is the best pizza spot in the area, and also offers a selection of local beers and wines
F’Amelia – where great cooking and fantastic vibes meet, expect nutritious, delicious and affordable Italian dishes here
Transportation in Cabbagetown
Getting around Cabbagetown is similar to the rest of Toronto. There are many public transit options like bus, subway, rideshare and taxi. To get to Cabbagetown, take Toronto’s subway to the College subway station, then take the 506 streetcars eastbound.
Schools in Cabbagetown
The main schools in Cabbagetown include Sprucecourt Public School and Winchester Junior and Senior Public School, both part of the Toronto School District.
Financial District
The city’s top corporate headquarters, banks and firms are located in this bustling part of Toronto. This area is mainly occupied by young professionals in their 30s and caters to the 9 to 5 crowd. The high rises along Bay Street are filled with notable lunch and happy hour spots. It’s also home to PATH, the world's largest underground network and shopping mall.
Average Rent
Here are January 2022 average rent prices for apartments in Financial District:
- Studio: $1,910
- 1 Bedroom: $2,207
- 2 Bedroom: $2,940
- 3 Bedroom: $4,009
Current rental listings in Toronto’s Financial District:
Studio
Things to do
Explore PATH, a mostly underground pedestrian walkway network in the Financial District with 30 kilometres of restaurants, shopping, services and entertainment.
Visit the Hockey Hall of Fame, an interactive museum of hockey memorabilia
Check out the TD Gallery of Indigenous Art and learn about the historical and ongoing cultural importance of Indigenous communities in Canada
Food
Rosalinda and Planta Cocina – enjoy Latin American-inspired vegan eats
Chotto Matte – celebrate the flavours of Nikkei cuisine in a modern, contemporary space
Union Chicken – serves organic rotisserie and fried chicken, and a great weekend brunch
Transportation in Financial District
The best way to get around the Financial District is via the TTC. Get off at King, Union or St. Andrew subway stations to explore the different parts of this neighbourhood. Rideshare, public buses and taxis are also available in this area.
Schools in Financial District
The main schools in this area are Ogden Junior Public School and Toronto School of Management, an award-winning college offering a range of industry-relevant programs.
Harbourfront
Harbourfront is located at the Lake Ontario waterfront at Queens Quay, between Yonge and Bathurst Street. This is where the city meets the lake, offering waterfront parks, trails, and fun activities all year round for all ages. This area is primarily occupied by adults in their late 30s, mostly married and without children.
Average Rent
Here are January 2022 average rent prices for apartments in Harbourfront:
- Studio: $1,777
- 1 Bedroom: $1,900
- 2 Bedroom: $2,766
- 3 Bedroom: $3,933
Current rental listings in Harbourfront:
Studio
Things to do
Spend a day at Toronto Centre Island, one of the biggest attractions in Harbourfront during the summer, spring and fall
Drop by Harbourfront Centre and enjoy art, events and different exhibits
Enjoy an evening out with friends and family at The Rec Room for great games, mouth-watering eats and amazing entertainment, all packed under one roof!
Go canoeing, kayaking and paddleboating at Harbourfront Canoe & Kayak Centre
Food
Harbour 60 – an upscale Toronto steakhouse situated in the historic Harbour Commission Building, perfect for any special occasion
KINTON Ramen – this spot will satisfy any ramen craving and is famous for their sophisticated, rich, and flavourful soup base
Indian Roti House – the go to spot for roti and butter chicken in the area
Transportation in Harbourfront
Harbourfront is well connected to Toronto’s subway with Union Station being the closest stop. You can also get to the Toronto Islands on a ferry. Other transportation options in this area include the Tiki Taxi, bus, and rideshare.
Schools in Harbourfront
The main schools in this area include The Waterfront School, Free Spirit Montessori Downtown, and City School – an alternative high school.
Kensington Market/Chinatown
Kensington Market/Chinatown is located in the heart of Toronto, celebrated for its vibrant and diverse neighbourhood. This part of the city is also known for its walkable bohemian neighbourhood and array of indie shops, vintage boutiques, and art spaces. Locals love the selection of specialty bakeries and supermarkets in the area. Students and families are the main occupants in Kensington Market/Chinatown.
Average Rent
Here are January 2022 average rent prices for apartments in Kensington Market/Chinatown:
- Studio: $1,500
- 1 Bedroom: $1,695
- 2 Bedroom: $2,181
- 3 Bedroom: $2,900
Current rental listings in Kensington Market/Chinatown:
Studio
Things to do
Spend an evening at Poetry Jazz Cafe which features jazz, blues, soul, rock, comedy & poetry
Get together with the community and enjoy performances, music and food stands on the streets of Kensington Market on Pedestrian Sundays, which happen on the last Sunday of every month from May to October
Go graffiti spotting and explore the area on foot (the Alphonse Mucha mural at the southwest corner of Augusta and Oxford is wonderful for a photo opportunity)
Food
Pow Wow Café – the only restaurant in Toronto offering Pow Wow cuisine utilizing Indigenous-sourced ingredients
Fika Café – this Swedish-inspired coffee and baked goods cafe will not disappoint you
Kings Cafe – serves a mix of Chinese, Japanese, Indian cuisines and offers delicious vegan and vegetarian meals
Transportation in Kensington Market/Chinatown
To get to Kensington Market, take the TTC to Queen’s Park Subway Station, then take the 506 streetcar westbound. Other forms of transportation options include rideshare and taxis.
Schools in Kensington Market/Chinatown
The main schools in Kensington Market are Kensington Community School, Lord Lansdowne Junior and Senior Public School and Heydon Park Secondary School – which is the only all-girls inclusive and anti-oppressive public high school in Toronto.
Liberty Village
If you’re wondering where all the young professionals, students and 20-somethings are hunkering down – you’ll find them here. A benefit of this area is that it has a lot of modern lofts, condos and townhomes to choose from. Everything you need is within walking distance in Liberty Village – not to mention this part of town is great for taking Instagram photos. Overall, Liberty Village is a hip place to be with, especially for singles!
Average Rent
Here are January 2022 average rent prices for apartments in Liberty Village:
- Studio: $1,499
- 1 Bedroom: $1,871
- 2 Bedroom: $2,516
- 3 Bedroom: $4,700
Current rental listings in Liberty Village:
Studio
Things to do
Support local at Liberty Village Farmers Market, open every Sunday from 9am-2pm from June to October
Take a rock climbing lesson at Joe Rockhead’s Indoor Rock Climbing
Catch a Toronto FC game at BMO Field, which is near Liberty Village
Food
School Restaurant – voted one of Toronto’s most popular brunch spots time after time
Brodflour – bread lovers, you’ll love this place! Indulge in good, fresh bread here
Mildred’s Temple Kitchen – great and spacious brunch place, serving an international menu and brunch on weekends
Transportation in Liberty Village
Getting around Liberty Village is easy! There are numerous options including rideshare, taxi, carshare, bikeshare, the TTC or by bus.
Schools in Liberty Village
The main school in Liberty Village is the Toronto Academy of Acting for Film and Television.
Parkdale/Roncesvalles
Located in the west end of Toronto, you can find dive bars, Tibetan restaurants and many vintage and antique stores in this area. Parkdale takes pride in its rich immigrant history and immigrants from Poland, Vietnam, the Caribbean, the Philippines and everywhere in between have all called it home at one point. Today, this area is mainly inhabited by young families and a significant Tibetan community.
Average Rent
Here are January 2022 average rent prices for apartments in Parkdale/Roncesvalles:
- Studio: $1,296
- 1 Bedroom: $1,594
- 2 Bedroom: $2,194
- 3 Bedroom: $2,912
Current rental listings Parkdale/Roncy:
Studio
Things to do
Stroll along the Martin Goodman Trail and admire the waterfront
Support young and local designers, artists and entrepreneurs at the Toronto Designer’s Market
Stop by West End Comics, owned and operated by a local family who absolutely loves comics
Food
The MoMo House – explore traditional Tibetan food, especially momo: a type of Tibetan dumpling
The Rhino – a local go-to spot for affordable brunch in a quiet, charming setting
Skyline Restaurant – another beloved spot for locals, serving diner fare in a warm and welcoming environment
Transportation in Parkdale/Roncesvalles
Much like the rest of Toronto, you can easily get around with the bus, train, subway or streetcar in Parkdale/Roncesvalles. In fact, Downtown Toronto is only a 15 minute streetcar ride away from this area.
Schools in Parkdale/Roncesvalles
There are several schools in the area – mostly part of the Toronto District School board including Parkdale Junior and Senior Public School, Parkdale Collegiate Institute, Queen Victoria Public School. The Holy Family Catholic School is another option in Parkdale, and is part of the Toronto Catholic District School Board.
West Queen West
Home to a young and diverse demographic, it’s no surprise why West Queens West is arguably the most energetic and trendiest neighbourhood of Toronto known. The area is full of Graffiti Alley murals and is the hub to some of the city’s best cafés, restaurants, boutiques, street art and galleries. Even better, everything in this neighbourhood is just right outside your door.
Average Rent
Here are January 2022 average rent prices for apartments in West Queen West:
- Studio: $1,580
- 1 Bedroom: $1,900
- 2 Bedroom: $2,392
- 3 Bedroom: $3,328
Current rental listings in West Queen West:
Studio
Things to do
Get tickets to see live music performances at the Drake Underground, part of the Drake Hotel.
Explore the different locally owned boutiques and chain retailers in the neighbourhood
Take your furry friend on a date to the pup-friendly Trinity Bellwoods Park
Plan a staycation or visit the Gladstone House – a trendy, cleverly designed, and artfully inspired hotel
Food
Brunch at one of the many amazing spots in the area – Hugs and Sarcasm, Cafe Neon QSW, and Hello 123 for vegans
Bar Piquette – a neighbourhood bar serving snacks and interesting wines with a great all-season patio
Otto’s Bierhalle – the best spot for German food and beer lovers
Transportation in West Queen West
There are plenty of public transit options in the area, including Bus 19, 29, 329, 929, Toronto Subway, Streetcar 501, bus and rideshare.
Schools in West Queen West
The main school in this area is Westside Montessori School for preschool and junior kindergarten students.
Yorkville
Yorkville is one of Downtown Toronto’s most stunning and luxurious neighbourhoods. It’s where art, fashion and culture come together. In Yorkville, you can find prestigious designer boutiques like Louis Vuitton, Dolce & Gabbana, Gucci, and Prada. There are also a handful of chic restaurants, spas and upscale galleries to visit.
Average Rent in Yorkville
Here are January 2022 average rent prices for apartments in Yorkville:
- Studio: $1,704
- 1 Bedroom: $2,050
- 2 Bedroom: $3,916
- 3 Bedroom: $4,600
Current rental listings in Yorkville:
Things to do
Shop! Bloor-Yorkville is famous for its number of luxury boutiques, as well as Yorkville Village shopping centre
Take your family to The Royal Ontario Museum to learn about art, world culture and natural history
Visit one of the many galleries in the area, including Izzy Gallery, Gallery Hittite, and Liss Gallery in the Bloor-Yorkville area
Food
If you enjoy fine dining, Yorkville is a great area in Downtown Toronto to explore. Expect to find many Italian spots – some must-tries in the area include:
Sofia Restaurant & Bar – a popular eatery that features a patio and offers a fresh take and refined approach to Italian cuisine
Sassafraz – enjoy French-inspired Canadian cuisine at Sassafraz – a local favourite for brunching, dinner, private events and weddings
STK Steakhouse – a hip and lively restaurant and lounge offering steaks, seafood & cocktails in a chic, modern setting
Transportation in Yorkville
Getting around in Yorkville is easy, with different transit options including taking the city’s subway or Toronto’s famous streetcars. You can also explore this part of the city on foot, following its tree-lined streets.
Schools in Yorkville
The main schools in this area include Jesse Ketchum Junior and Senior Public School and The Dalton School, a fully immersive English/Mandarin school.
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