Avoid Paying High Rent in Toronto Amid Inflation Spike

by iROOMit Team
June 7, 2023
3 min read

Choose Roommate Living with iROOMit

Whether you're a purchaser or a renter, affording a place to live in Toronto has become increasingly challenging. As the country experiences one of the worst inflation spikes in decades, rising gas and grocery bills are not the only expenses on the upward trend. Learn how to avoid paying high rent during inflationary times by considering roommate living. Explore the convenience of iROOMit, a cutting-edge roommates and rooms for rent finder technology app.


Soaring Rental Prices in Toronto Amid Inflation

Greater Toronto Area (GTA) rents have surged by a staggering 16.5% year-over-year. In just one year, the average rent has risen from $1,998 in May 2021 to $2,327. Considering inflation, the current average rent of $2,327 is equivalent to approximately $2,507 in 2021 dollars, reflecting a 24.5% increase when factoring in inflation.

Roommate Living: A Budget-Friendly Solution

To combat the high rent prices fueled by inflation, roommate living emerges as the best choice to manage your budget effectively. By sharing the expenses with roommates, you can significantly reduce your financial burden. iROOMit offers an innovative roommates and rooms for rent finder app that simplifies the process of finding compatible roommates and affordable rental options in Toronto.


Skyrocketing Rental Prices in Key Areas

The City of Toronto proper experienced the highest increase in average monthly rent, with a staggering 19.8% year-over-year surge in May, reaching $2,438. The Bay Street corridor emerged as a scorching hot spot for rental prices, with the highest averages in the GTA. Renting a typical home in the heart of the city now costs $2,764 per month, representing a 12% increase over the previous year and surpassing the highs seen in 2019.

Mississauga City Centre: A Rental Price Surge

The Mississauga City Centre area witnessed an almost unbelievable 28% jump in condo and apartment rental prices year-over-year, reaching $2,728 per month. The rapid increase in rental prices rivals even those of Manhattan, highlighting the severity of the situation in the GTA.


Factors Contributing to Rising Rental Prices

Experts attribute the surging rental prices to various factors, including rampant inflation, rising interest rates, supply chain issues, and a significant imbalance between housing supply and demand. Economic uncertainty further exacerbates the supply drought, as fewer people tend to move during uncertain economic times. Additionally, more first-time homebuyers are opting to stay in rental housing, further limiting the available supply.

As inflation continues to impact rental prices in Toronto, it's crucial to explore alternative housing options that align with your budget. Roommate living presents an excellent opportunity to alleviate the financial burden of high rent. With iROOMit's roommates & rooms for rent finder technology app, finding compatible roommates and affordable rentals in the Greater Toronto Area (GTA) becomes a seamless process. Don't let skyrocketing rental prices hinder your housing options—discover the benefits of roommate living with iROOMit today.