Basement apartment rentals in Toronto appear to be on the rise and they’re getting more luxurious everyday.
As current one-bedroom condo prices continue to soar, Torontonians are looking for other living options without having to sign a contract with a roommate or live in undesirable living conditions.
Even the average price of bachelor studios rose by almost 15 per cent across the country compared to last year, according to Rentals.ca.
READ MORE: It costs an average of $2,600 to rent a one bedroom in Toronto- the third highest rent in Canada
More Facebook property posts, rentals.ca listings, and landlords seem to be pushing for more underground accommodation options for renters interested in living downtown.
Neighbourhood network app Nextdoor Canada conducted an internal poll last year that revealed there has been a 58 per cent increase in available basement apartment rentals since May of 2022 due to a demand for more affordable rentals and homeowners seeking additional income.
More people are opting for basements because interest rates have gone up, so mortgages have gone up too, Royal LePage Signature Realty sales representative Amrit Walia told Now Toronto.
Although there’s been an increase in the amount of condos being built, these new spaces have no rent control, which is especially stressful for newcomers
Walia goes on to mention current basement rentals cost between $1,800 and $2,200, whereas condos are likely upwards of $2,200.
“A house is old, so people lock up in a basement because they get rent control and peace of mind,” Walia said.
Walia adds another reason the number of basement dwellers are increasing is because there aren’t as many condo buildings in other popular Toronto neighbourhoods like Little Italy and the Annex.
Landlords are also noticing the trend of people choosing to live in houses.
“They can rent out the basement sooner by giving incentives,” Walia said.
These incentives involve remodelled kitchens and bathrooms, major repair fixtures, new TV installation, all utilities included in the price, and additional lighting.
For example, this basement rental comes with a fully stocked kitchen drawer.
Some of Walia’s clients who are landlords tell him they’re looking for short-term tenants interested in renting fully furnished basement apartments that used to be rented out asAirBnbs.
“I find many international people who don’t have any credit or employment choose this option,” Walia said.
Though basements are often prone to flooding, creepy insects, and irregular temperatures, it seems more people moving to Toronto are OK with sleeping underground.
“I hate to sound like a typical realtor but what you get is what you pay for,” Walia said.
