The sum of money required each month to rent an apartment in Ontario is determined by a variety of factors, including the size of the property (number of bedrooms), the location of the apartment, the age of the apartment, and its overall condition.
Prices change not only from year to year but also from city to city. On average, smaller cities have cheaper rental expenses than bigger cities.
What is the Average Monthly Rent in Ontario?
The monthly cost of renting an apartment in Ontario is, on average, $2,364. The amount of money required to pay rent might change depending on some aspects, such as its area, size, and quality.
What is the Typical Apartment Size in Ontario?
The typical apartment in Ontario has 904 square feet of space, but this figure can vary widely based on the type of property. Some options range from modest to extravagant prices for both houses and flats. The cheapest and most compact housing option is a studio apartment; one-bedroom apartments are on average; two-bedroom and three-bedroom apartments, on the other hand, provide more living space.
2022 Average Rental Prices in Ontario:
- $1673 for a 1BR at Barrie & Area and $2431 for a 2BR
- $1159 for a 1BR at Windsor & Area and $1670 for a 2BR
- $1549 for a 1BR at Brantford & Area and $1775 for a 2BR
- $1950 for a 1BR at Guelph & Area and $2156 for a 2BR
- $2233 for a 1BR at Toronto & Area and $3005 for a 2BR
- $1674 for a 1BR at Ottawa & Area and $2075 for a 2BR
- $1451 for a 1BR at St. Catharines-Niagara & Area and $1899 for a 2BR
- $1603 for a 1BR at Hamilton & Area and $2063 for a 2BR
- $1589 for a 1BR at Kingston & Area and $1750 for a 2BR
- $1678 for a 1BR at London & Area and $2023 for a 2BR
- $1500 for a 1BR at Belleville & Area and $1600 for a 2BR
- $1839 for a 1BR at Kitchener & Area and $2279 for a 2BR
- $1680 for a 1BR at Oshawa & Area and $1950 for a 2BR
- $1534 for a 1BR at Peterborough & Area and $1900 for a 2BR
- $1449 for a 1BR at Sudbury & Area and $1599 for a 2BR
- $1092 for a 1BR at Thunder Bay & Area and $1600 for a 2BR
As earlier stated, there are a lot of factors that come into determining the rental price of a home, you just have to get the facts right and rent a suitable home that serves the purpose you intend. Many Canadians find it easier to pay their rent for the first few months, but as the cost of living keeps going up, they find it harder to keep up with payments. If you’re having difficulty paying your rent and bills, you might want to speak with a financial consultant. At EmpireOne Credit, we will guide you through strategies that will help you to regain your financial balance. The appointment is free and friendly.