Benefits of renting in the suburbs of Toronto
It’s no secret that renting in the suburbs of Toronto is far cheaper than renting in the city itself. That’s because property is cheaper, and landlords are able to charge less to cover their respectively lower carrying costs.
The average price of a detached home in August 2019 was just $918,242 in the 905, compared to $1,246,392 in the 416. Similarly, a condo in the 905 was $478,755 and $619,307 in the 416.
This holds true in both the west and eastern suburbs. The average price of Milton real estate, for example was $738,944 while Oshawa real estate was just $516,737.
These lower prices translate directly into the cost of rent. The average rental price for a one-bedroom Milton apartment was $1,817, according to the Toronto Real Estate Board’s most recent data, and $2,037 for a two bedroom. Meanwhile, an average two-bedroom apartment in Oshawa cost just $1,558. That same size apartment in Toronto would cost $2,192 (one bedroom) or $2,873 (two bedroom).
But besides the lower rents, what are other benefits from getting outside the core?
First of all, there’s way more space. Apartments in the ‘burbs tend to be larger because land is cheaper. Instead of being stuffed into a 385 sq.-ft. condo, you’ll be able to enjoy a spacious family-sized apartment for less. Instead of getting the now-typical kitchen/living room condo, you may actually find yourself with a real kitchen and a real living room. You may even have enough closets to keep your skis’ in your apartment instead of in your parents’ garage.
Secondly, there’s always parking in the suburbs. True, transit can be few and far between, but the access and availability of parking is second to none. Parking really comes in handy when you can park in front of a popular restaurant on a Friday night, or go to a big box store and want to carry out five giant boxes of diapers or stock up on a sale for canned tomatoes. Plus, you’ll almost never have to practice your parallel parking skills, and because you’ll almost certainly have a parking spot, you’ll avoid parking on the street and getting tickets.
Thirdly, you’ll have extensive access to greenery. Apple picking, trail and protected parks will all be closer than they are in the core.
Next time you’re deciding where your next tenancy will be, consider giving the suburbs a chance. You may surprise yourself with how much you love it