Are you planning an extended trip to Toronto anytime soon? The city offers several attractions that will wow you when you visit, including cultural landmarks, vibrant nightlife, and fabulous cuisine. However, if you’re considering Toronto furnished living options, it’s important to get a picture of the budget beforehand. What does it cost to book furnished apartments in Toronto for longer stays? That’s what we aim to find out below.
Why Furnished Apartments Are Good Choices in Toronto
Apartments and furnished suites in Toronto are often ideal choices for longer stays in the city. They come with more space and privacy than hotels, offering separate living, sleeping, and dining areas, along with outdoor spaces to relax and unwind. Along with the space and flexibility, you can also find great amenities like well-equipped kitchens to cook meals, appliances, security features, and a lot more.
What’s more, they come with flexible leases to help you stay as long as you like, with hotel-like services (laundry, housekeeping, etc.) fusing neatly with home-like comfort. You’ll find them more cost-effective, particularly due to lower rates for extended stays as well. But how much do they cost? Let’s find out more on this below.
Costs of Furnished Apartments in Toronto
The costs of furnished apartments may vary in Toronto, depending on several factors like the location, amenities, size, and type of apartment (cost-effective, mid-range, luxury, etc.). On average, you can rent a furnished studio Toronto or a 1-bedroom unit for about $2,500-3,500 per month, while a 2-bedroom unit will cost you approximately $3,500-5,000+ per month. Executive or luxury suites will cost about $5,000 per month and upwards.
The Downtown Entertainment District and premium area like Yorkville are costlier. Prices of apartments may include utilities, furniture, and internet for maximum convenience. However, if you’re renting a vehicle, there may be parking costs of about $150-300 per month. Longer stays may come with lower monthly rates.
Tips for Booking Furnished Apartments in Toronto
Now that you’ve got an idea of the average costs of Toronto furnished living apartments, it’s time to look at some tips to help you get the best value for your stay.
- Define your needs carefully, i.e. whether you want a month-to-month lease or a long-term lease (this may be more cost-effective).
- Consider the commuting distance and focus more on proximity to central areas as much as you can (Financial District, Midtown, Entertainment District, etc.).
- Check whether the unit is fully furnished and comes with all essentials like towels, linens, utensils, and all other cooking equipment.
- Confirm Wi-Fi, utilities, and other inclusions in the price, while checking the lease terms and deposit requirements carefully.
- Compare rates across multiple apartments in your preferred locations to get the best deals.
- Book from legitimate and reputed platforms to get verified listings at fair rates.
- Try to avoid booking between June and August when high demand usually translates into costlier rates.
Best Places to Book Furnished Apartments in Toronto
There are several well-established neighborhoods where you can book furnished apartments in Toronto. Some of them include:
Downtown Toronto: This is the core and gives you access to the Entertainment District. You’ll find it readily walkable, with direct connectivity to the PATH underground network and also the TTC subway lines (St Andrew and Union). Getting to the Billy Bishop Airport is also convenient when you’re staying here. This locality is more popular with tourists, corporates, and working professionals, with its urban and vibrant environment. You’ll also discover several attractions in the neighborhood, including the Ripley’s Aquarium, CN Tower, Rogers Center, Scotiabank Arena, and more. There are several cafes and restaurants present here as well.
Yorkville: If you’re more into luxury, shopping, and high-end accommodation, this area is worth considering for sure. This area is situated in close proximity to the Bloor-Yonge subway and Bay stations, while you’ll also find the fascinating Mink Mile on the Bloor Street (a luxury shopping hub). There’s also the Royal Ontario Museum along with several fine dining choices and spas. It’s an upscale and highly sophisticated neighborhood that you can consider for your trip.
West Queen West and King West: This locality is ideal for nightlife enthusiasts, those who’re into trendy and pet-friendly lifestyles, and creative professionals. You’ll get top-class streetcar access (Queen 501 and King 504 lines) along with access to numerous hip cafes, art galleries, nightlife establishments, boutique shopping stores, and more. The Trinity Bellwoods Park is also available here for you to explore.
North York (Yonge-Sheppard/York Mile): It is a neighborhood that’s ideal for corporate relocations, families, and those into quieter living. You’ll get easy TTC subway access here (Sheppard-Yonge station) along with highway access. Some of the key attractions here include the Bayview Village Shopping Center, multiple parks, North York Center, and the Mel Lastman Square.
The Beaches (East End): It is a more relaxed and scenic neighborhood with a strong focus on family and community. You’ll enjoy the family-friendly and relaxed environment, with easy accessibility via streetcar lines like Queen 501. This area offers a suburban vibe within the limits of the city. There’s also the boardwalk nearby along with the Woodbine Beach, Kew Gardens park, and the fascinating shops on Queen Street East.
Now that you know about the top locations to rent furnished apartments in Toronto, it’s time to book your apartment in advance (this will help you avoid the last-minute rush). Here’s wishing you an enjoyable trip ahead.
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