Market & Money | Rental Market
Toronto's Rental Market, In Real Numbers
If you are holding a multiplex as rental, underwrite to current data. The latest CMHC figures put Toronto's purpose-built apartment vacancy at 3.0% in October 2025 — the highest since 2021 — yet rents rose across every bedroom type. The market loosened on availability without giving up rent. Here is what that means for a multiplex held to rent.
Key Takeaways
- ✓Purpose-built vacancy 3.0% (Oct 2025), up from 2.2% — highest since 2021.
- ✓Rents rose across every bedroom type year over year despite higher vacancy.
- ✓3-bedroom+ units lead the table at $2,294 — the scarce, family-sized product a multiplex delivers.
- ✓All-units average rent $1,917 across the Toronto CMA (Oct 2025).
Rents vary by CMHC survey zone, not by city average. Get the rents for the zone your address falls in , with the survey date shown.
Average Rents, Year Over Year
| Unit type | October 2024 | October 2025 |
|---|---|---|
| Bachelor | $1,448 | $1,491 |
| 1 bedroom | $1,715 | $1,761 |
| 2 bedroom | $1,972 | $2,045 |
| 3 bedroom + | $2,185 | $2,294 |
| All units | — | $1,917 |
Toronto CMA purpose-built apartment averages from the CMHC rent table. Vacancy (2.2% Oct 2024 → 3.0% Oct 2025) from the CMHC Rental Market Reports.
What the Data Says for a Multiplex
Vacancy is loosening
CMHC reports Toronto CMA purpose-built apartment vacancy at 3.0% in October 2025, up from 2.2% a year earlier — the highest since 2021. Record new supply is loosening a market that had been very tight. Underwrite to 3.0%, not to the sub-2% of recent years.
Family-sized rents are highest
Three-bedroom-plus units lead the CMHC table at $2,294, ahead of $2,045 for a 2-bedroom. A ground-oriented multiplex can deliver the larger, family-sized units that purpose-built towers rarely build — the part of the rent table with the highest dollar figures.
Rents kept climbing as vacancy rose
Even with vacancy up, every bedroom type rose year over year: the 2-bedroom average went from $1,972 to $2,045. The market loosened on availability without giving up rent levels, which matters for a long-term rental hold.
Best For
- ✓ Multiplexes with larger, family-sized units that match the highest-rent part of the CMHC table.
- ✓ Rental holds underwritten to the current 3.0% purpose-built vacancy, not the tighter figures of recent years.
- ✓ Ground-oriented forms competing on a product purpose-built towers rarely supply.
Usually Fails When
- ✕ A pro forma assumes sub-2% vacancy and the rents that came with it.
- ✕ Unit mix skews to bachelors in a market where family-sized supply is the gap.
- ✕ Rent assumptions are not refreshed against the latest CMHC release.
What To Verify Before Spending Money
- → The current CMHC vacancy and rent figures for the Toronto CMA.
- → How your unit mix maps to the bedroom-type rent premiums.
- → Whether you are competing with purpose-built or the rented-condo segment.
Where to Go Next
Frequently Asked Questions
What is the rental vacancy rate in Toronto?
What are average rents in Toronto?
Does a higher vacancy rate make Toronto a bad rental hold?
Why do family-sized units matter for a multiplex pro forma?
Should I underwrite to condo rents or purpose-built rents?
Official Sources Referenced
Related reading
Longer pieces on the same question.
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