Start with what tenants actually signed for in your building, not what the listings are asking. Here is how to get to a number, with this quarter's figures and the sources.
The short version: a Toronto condo rents for what the last few comparable units in the same building leased for, adjusted for parking, floor, exposure and condition. City averages tell you the direction of the market; your building's completed leases tell you the number. In the second quarter of 2026 the City of Toronto averaged $2,316 for a one-bedroom condo lease and $3,154 for a two-bedroom, and rents were slightly lower than a year earlier.
realtor.ca, Zumper and the other rental sites show asking rents: what owners hope for. The achieved rent is what the tenant signed for, and it is often lower, especially on units that sat. Achieved rents are only visible through the MLS board, which is why a realtor's estimate is built on leases that closed, with the days on market attached, and an owner's own estimate is usually built on asking prices.
| Suite type | City of Toronto | Toronto C01 (Fort York, CityPlace, Harbourfront, King West) |
|---|---|---|
| Bachelor | $1,862 | $1,934 |
| One bedroom | $2,316 | $2,475 |
| Two bedroom | $3,154 | $3,494 |
| Three bedroom | $3,882 | $4,446 |
Average achieved lease rents for condominium apartments, April to June 2026. Source: Toronto Regional Real Estate Board, Rental Market Report Q2 2026. GTA-wide, rents were 1.3% to 3.7% below a year earlier depending on suite type. Checked 15 October 2026.
Asking rents tell the same story. Rentals.ca and Urbanation put Toronto's average asking rent for September 2026 at $2,554, down 1.4 per cent from a year earlier and the lowest September since 2021 (National Rent Report, October 2026). CMHC's October 2025 survey put condo vacancy in the GTA at 1.0 per cent, so demand is there; it is the price that moves.
There is no fixed premium, which is why the building's own leases matter. In a 2026 review of one-plus-den suites in a Fort York building, units without parking leased between $2,400 and $2,450; parking added roughly $200 to $300, and two nearly identical suites were $300 apart with parking the only difference. Floor and exposure move a unit less than owners expect in buildings where the layouts repeat; condition and cleanliness on the day of the showing move it more.
A one-bedroom plus den, no parking, in a Fort York tower. The last four comparable leases in the building closed at $2,400, $2,425, $2,450 and $2,600 (that last one after 62 days at a higher ask). Two similar units are listed now at $2,500 and $2,550. The suite is on a mid floor, west exposure, freshly painted, unfurnished. Recommended list: $2,450 to $2,500, with $2,450 the number that leases in the first two weeks. Listing at $2,700 "to leave room" is the mistake the fourth comparable already made.
Furnished units can earn a premium with corporate and relocating tenants, but they turn over more often, carry an inventory and more wear, and the premium shrinks in a softer market. Most Toronto condo landlords do better unfurnished on a 12-month lease. Units first occupied after 15 November 2018 are exempt from Ontario's rent increase guideline, which changes the maths on a long tenancy; units occupied before that date are capped at 2.1 per cent for 2026 and 1.9 per cent for 2027.
Tell us the building and the suite type. We pull the completed leases, the current listings and the days on market, and send you a recommended range in writing, usually the same business day, with no listing agreement attached. Rent estimate form. Fort York, CityPlace and Harbourfront owners: this quarter's figures and the buildings we have leased in are on the Fort York condo leasing page.
Asking rents are on realtor.ca and the rental sites. Achieved rents, what tenants actually signed for, are only visible through the MLS board, and that is where a realtor pulls the last few leases in your building, with days on market. Ask for both.
In downtown Toronto buildings a parking space typically adds a few hundred dollars a month, and in a 2026 Fort York building review two near-identical one-plus-den suites leased $300 apart with parking the only difference. It depends on the building; in some, parking is rented separately through the corporation.
Usually not. Every week vacant costs you the rent for that week, and a unit that sits is read by tenants as a problem. In the same 2026 review, a suite listed at $2,700 sat 62 days and leased at $2,600; half a month of vacancy on a $2,450 unit costs about $1,225, roughly what an extra $100 a month earns in a year.
Down slightly over the past year. TRREB's Q2 2026 report shows GTA condo rents 1 to 4 per cent below a year earlier by suite type; Rentals.ca's September 2026 data has Toronto's average asking rent at $2,554, down 1.4 per cent year over year. The direction can change quarter to quarter, so price from the last few leases, not from last year's.
Building and suite type is all we need. A recommended range in writing, usually the same business day.