It's no secret, the Toronto rental market is tough – but before you resort to squatting on a friend's couch or signing up to live in a house on wheels, let's talk about what approximately $1000 in rent can really get you in the city.
Toronto real estate is booming, and the rental market is on fire. The average rent for a one bedroom condo in Toronto has risen to almost $1800 a month! This may feel like uncharted territory for Torontonians, but when you stack Toronto up against other global city centres, we aren't the worst off:
The 30 Percent Rule
As a rule of thumb, you shouldn't be spending more than 30% of your gross family income on housing, but let's face it; the perks of city life come with a higher price tag. How can you stretch your dollar further? Skip the condo and check out Toronto's purpose-built rental stock!
Stretch your spending power by adding a friend, significant other or colleague to your living arrangement. Why settle for a tiny, 400 sq. ft. condo rental when doubling up and renting in an apartment building can add space and other bonuses like top-notch amenities? When you snag a 2BR suite with a roommate at 88 Erskine, not only do you get a newly renovated, luxury suite, concierge and hotel-quality amenities, you'll be stretching out in up to 1037 sq.ft.of space!
Broaden Your Horizons
This may come as news to you die-hard downtown devotees, but there is life north of Bloor. Midtown has all the restaurants, shops and entertainment you love about the core, with half the tourists. In fact, Yonge and Eglinton just nabbed the top spot on Toronto Life's Ultimate Toronto Neighbourhood Rankings. If you do feel the need to venture south, a 5-minute walk to the subway will get you downtown in minutes.
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