A new report suggests Toronto’s rental market has shifted so dramatically that renting is no longer a transitional stage on the way to home ownership—it’s becoming a long-term reality even for high-income households. According to data from SingleKey’s rental risk intelligence program, the average Toronto renter now has a household income of $142,346, reflecting a growing trend of well-paid professionals remaining in the rental market far longer than previous generations.
The analysis, based on thousands of rental applications submitted between July 1 and Sept. 30, found that more renters are falling into higher income brackets, with many earning well above $100,000 per year. Yet despite this affluence, rent still consumes roughly one-third of the average household’s income, signalling how expensive the city has become for both new and longtime residents.
In Toronto, renters spend around 31% of their earnings on rent, with the average monthly cost across all housing types sitting at $2,581. The City of Toronto reports that average rents for a one-bedroom stand at $1,715, while two-bedroom units average $1,985—numbers that continue to push average earners out of the city’s core.
SingleKey’s findings also reveal that while Toronto renters tend to be financially stable compared to much of Canada—with higher credit scores and lower rates of collections and bankruptcies—those scores have been slipping. The average credit score among renters in the city dropped 2.9% between 2024 and 2025, falling to 735.
The demographic profile of renters is also changing. While the average Canadian renter is 32 years old, the typical Toronto renter is 34, reflecting a growing population of adults who are building careers, raising families, and living with pets—all without owning a home. For many, renting is no longer a temporary stop; it’s the only viable long-term option in a housing market where affordability remains out of reach.
“The idea that renters are young, mobile, and just passing through no longer holds true,” said Viler Lika, founder and CEO of SingleKey. “Renting is now a long-term reality for many Canadians in their 30s and 40s—often with kids, careers, and no clear path to homeownership.”
Toronto and Vancouver remain the two most expensive rental markets in the country, and with home prices still outpacing income growth, many residents feel locked out of ownership for the foreseeable future. While the city continues to push for new housing supply, the report suggests the gap between earning power and affordability remains wide—and is reshaping what it means to be a renter in Toronto today.