Cheap Apartments for Rent in Toronto, ON from C$700 (369 Rentals)

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Search the lowest-cost Apartments available for rent right now in Toronto.

property at 2 Harrison Rd

2 Harrison Rd

TorontoONM2L 1W5
property at 2928 Yonge St

2928 Yonge St

TorontoONM4N 2J9
property at 967 Avenue Rd

967 Avenue Rd

TorontoONM5P 2K9
property at 31 Wyvern Rd

31 Wyvern Rd

TorontoONM2K 2K3
property at 2707 Yonge St

2707 Yonge St

TorontoONM4N 2H8
property at 1 Oriole Rd

1 Oriole Rd

TorontoONM4V 2E7
Showing Results 1-50, Page 1 of 8

Toronto, ON Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Toronto, ON

Pricing Updated: 03/26/2025

Current apartment rentals in the Toronto, ON area range in price from C$895 to C$12,480 with an overall median price of C$3,873. The three Toronto neighborhoods with the lowest median rent pricing are West Hill at C$2,045, Bayview Village at C$2,160, and Tam OShanter Sullivan at C$1,970. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Toronto Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
West HillC$2,045C$2,0453
Bayview VillageC$2,160C$2,1605
Tam OShanter SullivanC$2,447C$1,970371
Agincourt MalvernC$2,500C$1,250130
Eglinton EastC$2,500C$1,729366
MorningsideC$2,500C$1,729157
Leaside BenningtonC$2,627C$1,625233
Mt Olive JamestownC$2,774C$1,925764
Dorset ParkC$2,787C$2,4754
AlderwoodC$2,847C$1,725455

Cheapest Available Toronto Apartments for Rent

 

The cheapest available apartment rental in Toronto, ON is a Studio unit found at Bradley Court in the Church Yonge Corridor neighborhood priced from C$1,045. Bradley Courts in the Church Yonge Corridor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from C$1,150. Here is today’s list of the most affordable Toronto apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bradley CourtBachelorStudio,1BAC$1,045
Bradley CourtsBachelorStudio,1BAC$1,150
1011 Lansdowne Ave ApartmentsStudeioStudio,1BAC$1,350
103 Spadina RdPrivate RoomStudio,1BAC$1,400
The Lincoln0 Bedroom(s) and 1 Bathroom(s)Studio,1BAC$1,539
40 Beaty AvStudioStudio,1BAC$1,545
100 Spadina RoadBachelorStudio,1BAC$1,549
100 Roehampton AveBachelor ApartmentStudio,1BAC$1,549
2701 Eglinton Ave WStudioStudio,1BAC$1,549
Jaguar CourtBachelorStudio,1BAC$1,549

Best Value Apartments for Rent in Toronto, ON

As of March 26, 2025 the best value apartment in the Toronto area is the C$1.75 price per square foot 3 Beds, 1 Baths Model at Cassandra Townhomes in the in the Banbury Don Mills York Mills neighborhood starting from C$2,995. The second greatest value Toronto apartment is the Three Bedroom Model at Leaside Towers starting at C$3,300 with a C$2.04 price per square foot in the Banbury Don Mills York Mills neighborhood. Here is today’s list of the best values for Toronto apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Cassandra Townhomes3 Beds, 1 Baths3BR,1BAC$1.75
Leaside TowersThree Bedroom3BR,2BAC$2.04
Daniels FirstHome™ PickeringModel K3BR,2.5BAC$2.08
Widdicombe PlaceI72BR,2BAC$2.30
Pickering Place Apartments3 Beds, 1 Baths3BR,1BAC$2.14
Keele ApartmentsNewly renovated two bedroom2BR,1BAC$2.30
53 Thorncliffe Park DriveOne Bedroom Apartment1BR,1BAC$2.26
Brookbanks Apartments1 Bed 1 Bath A1BR,1BAC$2.29
Ridge Hill Manor1 bedroom1BR,1BAC$2.26
620 Martin Grove Rd1 Beds, 1 Baths1BR,1BAC$2.24

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Toronto Overview

Toronto is a fantastic place to call home. With thousands of available rentals all over the city, find your perfect new place with ease!

Why live in Toronto, ON?

There are a number of reasons that folks living in apartments in Toronto, and people in general, enjoy living in Toronto. It is a true melting pot of cultures, it has a variety of beautiful green spaces and entertainment options, and its a good place to get a job. Citizens of Toronto also enjoy a high quality of life, excellent health care and education prospects, and a high-octane public transportation system to get from A to B. If you enjoy that bustling big-city feel, Toronto is probably for you.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Toronto, ON Rentals by Map

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See the most popular apartments and homes in Toronto, ON

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Frequently Asked Questions about Cheap Toronto Apartments

What is a cheap apartment in Toronto?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Toronto is under C$1,549.

What is the price of a cheap apartment in Toronto?

The cheapest apartment in Toronto is 125 Neptune which is listed at C$1,650, while the average apartment in Toronto costs C$3,873.

What types of apartments are the cheapest in Toronto?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 8 regular apartments in Toronto that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Toronto?

Cheap apartments in Toronto have an average cost of C$276 which is C$3,597 cheaper than the average rent for all rentals in Toronto.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.