A new report says Toronto renters earn an average of $142,346 per household
But credit scores are going down
Toronto renters are stuck in an “affordability paradox,” according to SingleKey’s Q3 2025 Rental Intelligence Report, which was released today.
The report found that Toronto renters bring in an average of $142,346 per household, representing some of the highest earners in Canada. It also says renters spend nearly 31 per cent of their income on rent.
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SingleKey, a rental risk intelligence agency, also reported that the median age of renters in Toronto is 34, older than the national median of 32. A separate poll recently conducted for CityNews found that 75 per cent of the city’s renters believe they’ll never own a house.
SingleKey analyzed Canadian rental applications submitted between July 1 and September 30 and noted that Toronto renters have an average credit score of 735, among the strongest in the country. However, this marks a 2.9 per cent decline since last year, which the report attributes to increasing financial strain due to debt load and an ever-increasing cost of living.
Toronto still has the second-highest average monthly rent in the country at $2,581, slightly lower than Vancouver’s average of $2,891. It’s easy to understand why Torontonians were up in arms about Premier Doug Ford’s Bill 60 announcement last month, which would effectively end rent control.
Related: Two Toronto tenants were almost evicted for being one cent short of rent
Carly Lewis is a journalist whose work has appeared in the New York Times and the New York Times Magazine, Vanity Fair, Wired, Interview Magazine, Pitchfork, Elle, and Maclean’s, where she is a contributing editor. Her work has been recognized by the National Magazine Awards and the Digital Publishing Awards. She reports on city life, culture—including what people do online—politics, art and crime. She received the Dave Greber Freelance Writers Award for “The Murder of Ashley Wadsworth,” an investigative feature about a Canadian teenager who was killed by a man she met on social media, published by Maclean’s.
