Where I work, in the heart of Toronto’s financial district, rent for 1 bedroom condos range from $1900 – $2400. The more you move out of the city, the rent for condos decreases, but once you get to the North York area, the lowest I saw was about $1500.
Renting condos are expensive. This is why I’ve chosen to rent an apartment. This decision is saving me $4800 a year.
I live up the street from the Weston GO station. North of my apartment is where the major highways 400 and 401 converge. My commute into work is a swift 12 minutes.
1 bedroom apartments in my area rent from $950 – $1100. I’ve lived in my current apartment for almost 3 years and my rent has increased $15-$20 each year to its current amount – $1140.
Why is renting an apartment so much cheaper than renting a condo?
I don’t get :
- A dishwasher (although some older apartment buildings can include this)
- An washer and dryer in my unit (I have to go to the communal laundry room on the main floor)
- Access to amenities in my building like a pool or a gym
- 24-hour concierge
- A fancy, stylish unit
What I do get :
- An extra $400 a month to invest, save, or spend
- Quick access to major highways and a train station that gets me into the city in 12 minutes
- 700+ sq ft of space
- Rent increase protection of a specific percent
For some, the luxuries I don’t get would be deal breakers, and I get that. There are many times I’d stood over my sink washing a pile of dishes dreaming about owning a dishwasher some day. But I’m comforted by the fact that my sacrifice in the present moment brings me closer to saving up for a good down payment on the home I’ll own someday.
My apartment is roomy, cozy, and I love it here. If you want to save some serious cash, look into renting apartment buildings near a train or subway station. Housing is one of the costliest expenses, but there are many options.