Average cost of a one bedroom rental in Toronto hits $2,000

Two plus two equals four, the sky is blue, and rent is getting more expensive in Toronto.

The average rental price for a one bedroom apartment in the city finally cracked the $2,000 mark this month, according to data from Padmapper.

Last month, the apartment hunting website listed the median cost of a one bedroom unit in Toronto at $1,850.

That's an increase of just over 5 per cent, according to site's real time rent trends table. More unsettling still is that we saw the median price of a one bedroom hit $1,500 only nine months ago.

It's important to note, however, that Padmapper also factors longer-term Airbnb rentals (those that can be rented by the month) into its calculations.

This could skew the price upwards a bit, as renting a full apartment in Toronto through Airbnb can run upwards of $4,000 per month.

Toronto is quickly closing in on Vancouver as the most expensive city for rent in Canada, though the latter city remained even less affordable as of last month.

Lead photo by 

Jeremy Gilbert