The last twelve months have given rise to new opportunities for tenants to find cheap apartments to rent in downtown Toronto. 

The February 2021 Canadian Rent Report says that one-bedroom rentals in Toronto have reached their lowest point in four years.

Between this month and February 2020, rent prices in the city have dropped an unbelievable 23%, and it could be a while until anything changes.

With all of this said, it's not exactly surprising that you can find a place of your own for $1,190 per month right in the heart of downtown. If you're hoping to score a good deal on rent, here are some options to consider. 

Liberty Village Studio

Price: $1,295 per month

Address: 50 Lynn Williams St., Toronto, ON

Description: This bachelor pad in the heart of Liberty Village comes with a spacious balcony and steel appliances. It has access to an indoor pool, hot tub, and other amenities.

King West Studio 

Price: $1,300 per month

Address: 1030 King St. West, Toronto, ON

Description: A bright and modern studio apartment minutes to King West bars and Liberty Village. This unit also comes with access to an exercise room, theatre room, rooftop terrace, and more. 

Battery Park Bachelor 

Price: $1,300 per month 

Address: 50 Lynn Williams St., Toronto, ON

Description: This cozy and well-maintained unit also has views of the CN Tower and the lake. It includes access to many amenities and is also conveniently located near shops, including a 24-hour Metro.