If you feel like renting in Toronto is a substantial financial commitment, you're not wrong — but new numbers suggest things are (kind of) calming down.
According to liv.rent's June 2025 data, average rent prices in Toronto have dipped slightly, giving renters in the city a small window to breathe.
Furnished one-bedroom apartments in Toronto are now averaging $1,970 a month, while unfurnished ones sit at $2,078 — a bit of a twist since you're now paying more for fewer features.
It's a reversal from previous trends, when furnished units were more expensive. Whether this is a seasonal blip or a sign of deeper market adjustments is uncertain.
But the real drama is not in Toronto — it's between Oshawa and Oakville.
Currently, Oshawa is the cheapest spot in the GTA to rent an unfurnished one-bedroom at just $1,774 a month.
Compare that to Oakville, where the same kind of unit is going for an average of $2,300 a month, and that's a $526 difference every month. That adds up to more than $6,300 a year. That's a whole lot of extra dough to fork out!
Oakville has close proximity to Lake Ontario, quiet tree-lined streets, and beautiful-looking homes, but Oshawa might be the better choice for renters who are willing to trade a little prestige for a whole lot of savings. And it's right on the lake, too.
Across the rest of the GTA, Mississauga, North York, and Scarborough showed more minor shifts — some up, some down — but nowhere else came close to the kind of gap you'll see between these two suburban opposites.
Surprisingly, an unfurnished one-bedroom in Oakville ($2,300), Markham ($2,242), Etobicoke ($2,184), Vaughan-Richmond Hill ($2,176), or North York ($2,144), is more expensive than Downtown Toronto ($2,128).
The average rent costs in the GTA for an unfurnished property.liv.rent
Conversely, a furnished one-bedroom Downtown ($2,517) is still more expensive than any other area in the GTA.
If you're fed up with sky-high rent but still want to stay close to Toronto, it might be time to rethink which side of the 401 you call home.