Finding a 2 Bedroom Condo for Rent in Toronto
Toronto’s condo rental market offers a wide range of 2 bedroom options, catering to young professionals, growing families, and roommates looking for extra space. Whether you prioritize proximity to work, vibrant nightlife, or a quieter residential setting, the city has something to offer.
Current Rental Prices
As of 2025, the average rent for a 2 bedroom condo in Toronto sits around $3,200 per month, though rates vary significantly based on location, amenities, and building age. Luxury high-rises, waterfront properties, and transit-accessible units often come at a premium.
Best Neighbourhoods for Renting a 2 Bedroom Condo
Downtown Core (Financial District, Entertainment District, Harbourfront)
For those who want to be at the center of it all, these neighbourhoods offer quick access to major business hubs, dining, shopping, and nightlife.
Price Range: $3,500 – $5,000/month
Features: High-rise condos with modern amenities, including rooftop terraces, co-working spaces, and concierge services.
King West & Queen West
A hotspot for creatives and professionals alike, this area is known for trendy lofts, boutique condos, and a thriving nightlife scene.
Price Range: $3,200 – $4,500/month
Vibe: Hip and stylish, with proximity to restaurants, cafes, and entertainment venues.
Midtown (Yonge & Eglinton, Davisville, Forest Hill)
A perfect blend of urban energy and residential charm, Midtown offers easy access to transit, shopping, and green spaces.
Price Range: $3,000 – $4,200/month
Best For: Renters seeking a balance between city living and quieter surroundings.
Waterfront & Distillery District
If lake views and a relaxed atmosphere appeal to you, these neighbourhoods offer scenic living with modern conveniences.
Price Range: $3,300 – $5,000/month
Lifestyle: Ideal for outdoor lovers with access to waterfront trails, parks, and cultural attractions.
North York (Sheppard, Bayview Village, Yonge & Finch)
A more affordable alternative to downtown, North York offers spacious units in newer buildings with convenient access to the TTC subway.
Price Range: $2,800 – $4,000/month
Highlights: Family-friendly, with top-rated schools, shopping centers, and quieter residential pockets.
Rental Market Trends
Toronto’s rental market remains competitive, with demand outpacing supply in key areas. Luxury buildings and transit-accessible condos continue to see high interest, leading to rising rental prices. New developments provide additional inventory, but securing a desirable unit often requires quick decision-making.
Renting a Condo vs. an Apartment
Traditionally, renters in Toronto have gravitated toward condos for their modern designs, premium finishes, and extensive amenities. However, a growing number of purpose-built rental apartments are now competing with condos by offering similar features while providing additional benefits tailored to renters.
Key Differences
- Ownership & Management: Condos are individually owned, meaning each unit is leased out by a private landlord. Apartments are professionally managed by a single company, ensuring more consistent leasing policies and maintenance.
- Amenities: While condos have long been known for their luxury features, newer rental buildings are catching up. Many now include rooftop terraces, gyms, co-working spaces, and even smart home integrations.
- Lease Flexibility: Rental apartments often offer more flexible lease terms and fewer upfront costs. Condos may require larger deposits and stricter rental agreements.
- Maintenance & Repairs: In a condo, maintenance requests go through the landlord, which can lead to delays. Purpose-built rentals typically have dedicated on-site management teams for quicker service.
Key Considerations Before Renting
Lease Terms: Most rentals require a 12-month lease, though some landlords may offer flexible terms.
Utilities & Fees: Some units include hydro, water, and internet, while others require separate payments.
Pet Policies: Many condo buildings have restrictions on pet size and breed—check before signing a lease.
Parking & Storage: Underground parking and lockers are available in many buildings but often come at an additional monthly cost.
How to Secure a 2 Bedroom Condo in Toronto
With high competition in the market, renters should:
- Research neighbourhoods and shortlist preferred buildings.
- Monitor listings daily and book viewings as soon as possible.
- Have rental documents (credit check, proof of income, references) ready.
- Be prepared to make a quick decision, as sought-after units get leased fast.
Finding the right 2 bedroom condo in Toronto requires patience, planning, and a proactive approach. By knowing your budget, exploring different neighbourhoods, and preparing in advance, you can secure a rental that fits your lifestyle and needs.