Toronto is a diverse city with over 150 unique neighbourhoods, ranging from the family-friendly neighbourhood of Danforth Avenue in Toronto's east end to the bustling area of Queen's Park.

Toronto's downtown core is known for its high cost of living and skyrocketing real estate prices, but there are still some Toronto neighbourhoods in the downtown area where you can find affordable rental options.

In this article, we will take a closer look at some of Toronto's least expensive downtown neighbourhoods to rent in, including their perks and downsides. We'll also take a look at what you could earn when you pay rent with Chexy and how it can help you rent better. 

Church and Wellesley

Church and Wellesley is a neighbourhood located just east of downtown Toronto. It is known for its vibrant LGBT community, as well as its numerous restaurants, cafes, and shops. Rental prices in Church and Wellesley can range from $1,990 to $3,077 for a one-bedroom apartment. The area is well-served by public transportation, with easy access to the streetcar and subway lines.

Perks: Church and Wellesley is a welcoming and vibrant neighbourhood with a diverse population and plenty of amenities. It is home to many cultural events and festivals throughout the year, including the Toronto Pride Parade. The area is also well-connected to other parts of the city with multiple bus routes and public transit options, making it easy to get around without a car.

Downsides: While Church and Wellesley is generally considered safe, some residents have reported feeling uncomfortable walking alone at night. Rental prices in the area can also be higher than in other Toronto neighbourhoods on this list.

Kensington Market

Kensington Market is a bohemian neighbourhood located just west of the downtown core. The area is known for its diverse population, funky boutique shops, historic buildings, and vibrant street art scene. Rental prices in Kensington Market lie around $2,543 per month for a one-bedroom apartment. The neighbourhood is well-served by public transportation, with easy access to the subway stations and streetcar lines.

Perks: Kensington Market is a unique and eclectic neighbourhood perfect to enjoy Toronto life, that is full of character and historic charm. The area is home to many independent shops, coffee shops, and restaurants, making it a great place to explore and try new things. The neighbourhood is also known for its sense of community spirit, with many residents taking an active role in local events and initiatives. It is also a great place to check out some art galleries and see Toronto's skyline.

Downsides: Kensington Market can be quite busy and crowded as it is densely populated, especially during peak hours. Parking can be difficult to find, and rental prices in the area can be on the higher end of the spectrum.

Alexandra Park

Alexandra Park is a residential neighbourhood located just south of Kensington Market. The area is known for its diverse population, beautiful park, tree lined streets, and easy access to downtown Toronto. Rental prices in Alexandra Park can range from $2,000 to $2,600 for a one-bedroom apartment. The family-friendly Toronto neighbourhood is well-served by public transportation and within walking distance of the subway and streetcar lines.

Perks: Alexandra Park is a quiet and peaceful neighbourhood that is close to many downtown attractions and areas, such as Dundas Street, Bathurst Street, King and Queen West. The area is home to Alexandra Park, which offers plenty of green space and recreational activities.

Downsides: While Alexandra Park is generally considered safe, some residents have reported feeling uncomfortable walking alone at night. The area can also be quite busy during peak hours, with traffic congestion and noise pollution being potential issues.

Regent Park

Regent Park is a neighbourhood located just east of the downtown core, adjacent to Moss Park. The area has undergone significant redevelopment in recent years, and it is now home to many modern apartment buildings and townhomes. Rental prices in Regent Park can range from $1,900 to $2,500 for a one-bedroom apartment. The neighbourhood is well-served by public transportation, with easy access to nearby neighbourhoods and downtown subway stations like Union Station.

Perks: Regent Park is a diverse neighbourhood that is well-connected to other parts of the city. The area is home to many community initiatives and programs, as well as a large community center and sports facilities. The neighbourhood is also undergoing ongoing revitalization efforts, which have improved the quality of life for residents.

Downsides: While Regent Park is generally considered safe, some residents have reported experiencing crime and safety concerns in the area. The neighbourhood can also be quite busy and crowded during peak hours, and rental prices can be on the higher end of the spectrum compared to other neighbourhoods in this list.

St. James Town

St. James Town is a neighbourhood located just east of Church and Wellesley, and it is known for its high population density and diverse population. Rental prices in St. James Town can range from $1,800 to $2,300 for a one-bedroom apartment. The neighbourhood is well-served by public transportation, with easy access to the subway and streetcar lines.

Perks: St. James Town is a multicultural and vibrant neighbourhood that is home to many community initiatives and programs. The area is also well-connected to other parts of the city, making it easy to get around without a car. Rental prices in the area are relatively affordable compared to other downtown neighbourhoods.

Downsides: This Toronto neighbourhood is known for its high population density, which can make the neighbourhood feel crowded and busy. The area has also experienced some crime and safety concerns in the past, although ongoing community initiatives and programs are helping to address these issues.

Parkdale

Parkdale is a vibrant Toronto neighbourhood located just west of the downtown core. It is bounded by Queen Street West to the north and Lake Ontario to the south. Parkdale is known for its diverse population, artistic community, and historic buildings. The area offers a mix of independent shops, cafes, art galleries, and ethnic restaurants. Average primary real estate rental prices for a one-bedroom apartment in Parkdale range from $1,900 to $2,400 as of 2024.

Perks: Parkdale is a culturally rich neighbourhood that appeals to young professionals and artists. The proximity to downtown Toronto and the lakeshore provides opportunities for leisure and recreation. The community spirit is strong, with many local events and initiatives. The neighbourhood's eclectic mix of Victorian houses and high-rise condos adds to its unique charm.

Downsides: Parkdale has experienced gentrification, which has led to rising rental prices, potentially making it less affordable for some residents. The area can be quite busy and noisy, especially along Queen Street West. While the neighbourhood is generally safe, there are occasional reports of crime, which may be a concern for some residents.

Forest Hill

Forest Hill is an affluent midtown Toronto neighbourhood bordered by Eglinton Avenue to the north and St. Clair Avenue to the south. Known for its leafy inner streets, historic charm, and upscale residential real estate, Forest Hill is one of Toronto's most prestigious areas. As of 2024, the average rental price for a one-bedroom apartment in Forest Hill ranges from $2,300 to $3,200.

Perks: Forest Hill is one of the best family-friendly neighbourhoods, with a peaceful environment and excellent schools, parks, and green spaces. The neighbourhood is home to Forest Hill Village, a charming shopping area with many coffee shops and quality restaurants. The proximity to downtown Toronto and the availability of public transit make it convenient for commuting. The community is known for its high-income residents and well-maintained properties, providing a safe and picturesque living environment.

Downsides: The primary downside of living in Forest Hill is the high cost of living, including high real estate prices and rental rates. This affluent neighbourhood may not be affordable for everyone. Additionally, while it offers a quiet and serene atmosphere, it may lack the vibrant nightlife and entertainment options found in downtown neighbourhoods, which could be a drawback for young professionals seeking an active city life.

While downtown Toronto is generally known for its high cost of living, there are still some neighbourhoods in the area where you can find affordable rental options. Each Toronto neighbourhood has its own unique perks and downsides, and it's important to consider your personal preferences and needs when choosing where to live.

With the help of Chexy, you can start maximizing your savings and earn rewards on every rent payment you make. Start renting better and let your rent and everyday shopping work for you by renting with Chexy. 

Get started with Chexy today.

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