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The Essentials of Renting in Toronto
October 1, 2021
- By : Medallion Capital
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The Greater Toronto Area is ripe with rental opportunities for a variety of budgets, lifestyle preferences, and everyday commuting or amenity-related needs. That said, the city itself and surrounding regions can appear rather overwhelming to those visiting for the first time. If you’ve never lived in the GTA before, we’re here to help get you acquainted with this vibrant and convenience-rich part of Ontario! Today, we’ll list all the best places for renters, take a peek at where pricing is headed, and spotlight some of the perks associated with living in a sprawling metropolis like this. Let’s get started with exploring the essentials of renting in Toronto!
Get to Know the Communities!
Toronto is home to a mind-boggling 140 neighbourhoods, many of which are grouped together within larger communities. Here are the ones we’ve completed profiles on (check the links for each) and highly recommend to prospective renters:
A lakeside haven with plenty of shopping, dining, and entertainment options (plus its namesake, massive beaches), just East of Old Toronto!
One of Toronto’s six boroughs, Etobicoke was its own city before amalgamation. With Centennial Park, a love of outdoor sports, and a wide variety of single-family homes and condo units, this area has a bit of something for everyone.
A great place for young go-getters and growing families alike seeking the conveniences of city living.
Perfect for retirees, young couples, and commuters, Leslieville is known for its eclectic charm and mom-and-pop establishments.
Be a part of Toronto’s heartbeat in this energetic, vibrant community in the heart of Canada’s largest city.
Enjoy city life while savouring a slice of suburban bliss and pre-war elegance, surrounded by natural beauty without having to live in the outskirts.
Rapidly developing, experience Mississauga’s rebirth and enjoy everything from arts and culture to new career opportunities, a wide array of residential rental options, and a vast array of shops and amenities.
Food, fun, and fascinating wares await you in this highly desirable and beloved community. This stretch of Danforth Avenue from Donlands to Broadview is a slice of European paradise!
Bursting with colour, beautiful languages, and a love of its people, Little Italy is truly something to behold. Once you visit, you may not want to part ways – and you don’t have to with the wide variety of rental options available!
Hipsters and young families, this is your calling. The Junction is the place to be for all things trending from food to nightlife, craft beers galore, cutting-edge technology and the arts.
Looking for something more sophisticated and… vertical? Liberty Village is an iconic urban slice of the city that is sure to impress from ground level up.
Easy to access by transit and intersecting with countless melting pots of culture, this is the Midtown of Toronto. And it won’t disappoint.
Large, beautifully maintained older homes are abundant in number here, as are the views, peaceful surroundings, and parklands.
Mansions converted into chic lofts and multi-unit complexes? You bet. Rugged, beloved, and full of character, Parkdale is one of a kind and offers a lot to discover.
Get to know “Roncy” in the flesh by exploring its welcoming streets accented with hints of Polish and European culture.
There’s nothing quite like the incredible eateries and one-of-a-kind shops in Kensington Market – not to mention some truly unique and spellbinding residential options!
An upper-class haven with beautiful historic charm, plenty of green space, and a serene atmosphere.
A waterfront paradise that’s technically part of Etobicoke, you’ll find a wide array of beautiful homes of all sizes here. Don’t overlook it!
Getting Around
Much of Toronto can be accessed via the TTC public transportation system. This comprises of streetcars, subway lines, and buses that allow for easier commutes without having to drive through the bustling heart of the city. Many communities are also quite walkable and bike-friendly, and there are plenty of major arteries for drivers if you prefer to be behind the wheel.
Amenities and Conveniences
Big-box stores, startup tech and other innovative companies, mom-and-pop shops, a dizzying array of public services and education options – you’ll never be short on things to see and do (or ways to check off all those errands) when you call Toronto home. Best of all, using the aforementioned transit system, it’s possible to hop from one side of the city to the other to reach that elusive shop, attend classes, get a medical checkup, or otherwise.
Pricing and the Rental Market
If you’re keen on renting here, now’s the time. As explored extensively in our article on the subject, the rental market in Toronto is currently fairly balanced between renters and landlords, but prices are increasing as the COVID recovery continues. However, on average prices remain well below the pre-pandemic peak and there are many more units with lower square footage available as of late – perfect for downsizers, couples, and singles. These are also found in areas with more job opportunities, so it’s a win-win for commuters and those who are career driven!
Interested in getting to know Toronto, or need help with the specifics on renting in the GTA? We’re happy to help here at Medallion Capital Group. Explore our available rental properties or contact us today for assistance.