Table Of Contents
Last Updated on October 7, 2024 by Fullhome Airbnb Manager
What Is The Cost of an Airbnb for a Month in Toronto
When considering staying in Toronto for a month using Airbnb, the prices can vary significantly depending on location, property type, and amenities offered. As Toronto is one of the most expensive cities in Canada, securing an Airbnb for a month will typically cost more than in other regions.
Average Monthly Airbnb Prices
Based on recent data, the average nightly rate for an Airbnb in Toronto ranges between $150 to $300 per night, with some luxury options or unique spaces reaching upwards of $500 or more per night.
Here’s a breakdown of typical monthly airbnb costs in Toronto:
| Type of Accommodation | Average Nightly Rate | Estimated Monthly Cost (30 nights) |
|---|---|---|
| Standard Studio/1-bedroom | $150 – $200 | $4,500 – $6,000 |
| Larger Apartments (2+ bedrooms) | $250 – $350 | $7,500 – $10,500 |
| Luxury Condos | $400+ | $12,000+ |
Factors Affecting Price
- Location: Downtown Toronto properties, especially near popular spots like the CN Tower or waterfront areas, can command higher rates. Areas further out from the core, like East York or North York, may offer more affordable monthly options .
- Fees: When booking through Airbnb, remember that fees such as cleaning and service charges can add an additional 15-30% to the total cost. For example, a base price of $150 per night could balloon to $5,400 or more per month after these fees are included .
Comparisons with Hotels
Surprisingly, Airbnb in Toronto has started approaching or even exceeding the cost of hotel stays. For example, a typical hotel room in Toronto costs around $250 per night, while some Airbnb listings in the same area might be only slightly cheaper at $220 per night, but often without the perks such as breakfast or daily cleaning .
Cost-Saving Tips
- Longer Stays: One of the advantages of Airbnb is the potential for long-term discounts. Some hosts offer 10-20% off for monthly bookings, helping mitigate the high cost .
- Neighborhood Choice: Opting for neighborhoods slightly outside the downtown core, like West End or Scarborough, could lower the nightly rate by 20-40%, without sacrificing too much convenience .
Looking for Furnished Monthly Rentals in Toronto?
If you’re planning an extended stay in Toronto, whether for work, study, or a temporary relocation, we’ve got you covered. Our Toronto Furnished Monthly Rentals offer the perfect solution for those seeking comfort, flexibility, and all the conveniences of home. With a wide range of fully-furnished apartments across the city, you can enjoy:
- Prime locations close to downtown, transit hubs, and vibrant neighborhoods.
- Fully-equipped kitchens, living spaces, and in-unit laundry.
- Affordable monthly rates, often lower than hotel stays or short-term Airbnb rentals.
- No long-term commitment—ideal for stays of 30 days or more.
Explore our curated selection of our Furnished Properties in Toronto designed to meet your needs, whether you’re looking for a sleek downtown condo or a cozy suburban retreat. Enjoy all the benefits of home, without the hassle!
FAQs
Is Airbnb worth it in Toronto?
Whether Airbnb is worth it in Toronto depends on your needs and preferences. If you’re looking for flexibility, unique stays, and the option to have amenities like a kitchen, it can be a great choice. However, in some cases, Airbnb can be nearly as expensive as hotels, especially with added fees like cleaning charges. For extended stays, you might find discounted rates that make Airbnb more affordable than short-term rentals .
Are Airbnbs cheaper by the month?
Yes, Airbnbs can often be cheaper when booked for a month or longer. Many hosts offer long-term discounts, which can range between 10% to 20% off the standard nightly rate. This makes it a cost-effective option for those staying for extended periods . Additionally, the impact of cleaning fees and other one-time charges is spread out over a longer duration, lowering the average daily cost .
What is the average monthly rent in Toronto?
The monthly rent in Toronto varies by location, size, and amenities, but typically ranges from $2,500 to $4,000 for a standard one-bedroom apartment. Downtown properties and luxury apartments will usually cost more. Comparatively, renting an Airbnb for a month might cost between $4,500 and $12,000, depending on the property and extra fees .
How long can you rent an Airbnb in Toronto?
You can rent an Airbnb in Toronto for any duration, from a single night to multiple months. However, for stays longer than 28 days, Toronto’s short-term rental laws may apply. Some hosts provide special rates and conditions for long-term stays, making it a flexible option for those in need of temporary housing .
RESOURCES
Is AirBNB the best way to do month to month rentals in Toronto?
byu/canwegetalong312 inTorontoRealEstate
Airbnb almost as expensive as a hotel, Toronto data show
byu/jormungandrsjig intoronto