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Short term rentals in Toronto
5 Affordable Month to Month Rentals Toronto to Stay in 2024

5 Affordable Month to Month Rentals Toronto to Stay in 2024

Do you want to stay in Toronto for a while? There are different options for your stay, from top hotels to hostels and guest rooms. However, you may need to find an accommodation that is as good as hotel but with lower prices, don’t you? Well, what is the best option for month to month rentals Toronto in this case? 

One of the best and most affordable options you have as a monthly rent Toronto is the studio apartments in Toronto. They are mostly furnished and well-equipped, resembling a nice hotel. At the same time, you don’t have to pay the hefty prices for a short-term stay in Toronto. 

Let’s see what are the differences between Hotels and short term monthly rentals Toronto.

Hotels Vs Short Term Monthly Rentals Toronto

You may wonder why you should choose a studio apartment or a penthouse as month to month rentals Toronto? Here, we have gathered information to help you discover which option is better for you. 

infographic about the comparison between hotels and short term rentals in Toronto

Room Space

Since studio apartments have a kitchenette and a small living room, they are usually larger than hotel rooms. You can easily cook in studios, but it is not possible in hotel rooms. So, if you want to feel more at home, a studio apartment will be a better option. 


The most important part is the price. Hotels are generally more expensive than studio apartments, especially if you want to choose it as a monthly rental. Hotels charge you per night, but you can sign a short-term agreement for weekly or monthly stays in studio apartments. And the price will be way cheaper than a monthly stay in a Hotel. 

However, it should be noted that the price of a studio apartment depends on the size, location, and condition of the apartment. Whether you are traveling alone or with your family, it’s recommended to learn more about the best neighborhoods in Toronto to find the perfect monthly rental that suits your needs and preferences. 

Note: It’s essential to read about Ontario standard lease before signing any contract for your month to month rentals Toronto.


Hotels usually provide services such as housekeeping, laundry, room service, concierge, and security, while studio apartments may or may not offer these services. However, the laundry machine is usually inside the apartment, so you should do all the work yourself. 


It should be noted that not all the studio apartments in Toronto are furnished. But, if you are looking for a month to month rental in Toronto, it is better to find furnished studio apartments because it may take time to buy furniture and other equipment for a house. 

On the other hand, hotel rooms are always equipped with comfortable beds, clean sheets, toiletries, hairdryer. Wi-Fi is also an option you should consider while looking for Toronto furnished rentals monthly because it might not be available in all studios.

What Is the Monthly (Month-to-Month) Rental Agreement?

Before finding an apartment as short term rentals in Toronto monthly, you need to know that a typical lease usually lasts 12 months, but there might be shorter leases too. Unlike a typical contract, there is no fixed end date for monthly rentals and a monthly lease is usually more flexible. 

short term monthly rentals toronto

A monthly lease lasts 30 days and is extended automatically at the end of the duration unless terminated by written notice by the renter or owner. During a short-term rental, the property owner must deliver the same necessary services that they provide to fixed-term tenants (e.g. maintaining the property clean and affordable). Also, a monthly agreement has some advantages and disadvantages.

Monthly Rentals Agreement Advantages 

  • No fixed end date: Your contract could legally go on forever without a set end date. It operates well for either party to have the ability to end it at an appropriate time. Tenants enjoy this versatility, particularly when something is unknown in their lives. For instance, the tenant may be waiting for a response from a job in a new town.
  • Changeable rent price: You can take this opportunity to change your rent price if you want a month-to-month lease as a renewal offer.  In this case, if you give comfort and flexibility to your tenant, you can defend increasing your rent price. This is particularly significant if your tenant demands the month-to-month lease directly.

Monthly Rentals Agreement Disadvantages 

  • Flexible end date: In some cases, a flexible end date may be ideal, but usually, as an owner, this flexibility may be a negative thing, as it contributes to confusion and may result in a short-term lease. Optimally, you want a decent tenant to live for a long time and you know you’re going to get money, your building is going to be taken care of and you don’t have to do the extra job of finding tenants.
  • Hard to find a new tenant: It can be difficult to find new tenants with a period of just 30 days. To be on a time limit is putting more tension on you to find tenants, particularly as you are getting closer to a vacancy. This time pressure could limit your checking of new tenants. So rental screening is the best way to ensure that you rent on time to good tenants.

Best Options for Travelers Looking for Month to Month Rentals Toronto?

There are several great options for monthly short term rentals in Downtown Toronto. Some popular choices include furnished apartments, condos, and serviced apartments. These types of accommodations offer more space, privacy, and amenities than traditional hotels, making them ideal for longer stays. 

Some popular providers of monthly short term rentals in Downtown Toronto include Airbnb, Furnished Rentals, and Corporate Stays. It’s important to research the options and read guest reviews to find the best fit for your needs and budget.

month to month rentals toronto

Tirbnb Short Term Monthly Rentals Toronto

Here is the list of affordable Toronto furnished rentals monthly that you can rent from Tirbnb. 

1- Furnished and Hotel Style Studio Apartment in Entertainment District 

This flat condo is located on the 50th floor of a skyscraper in Temperance Street, with a wonderful view of CN Tower, which is one of the most wonderful landmarks in Toronto.

The studio is equipped with a king-size bed, large screen TV with Apple TV and Netflix. It also includes a dining table, kitchen with high-quality brand new appliances, allowing you to cook your favorite cuisine without any concerns. 

Furthermore, the apartment has a well-equipped gym. So by renting this studio you can access the gym for free.

If you find this short rental a good option for your stay, here you can read more about this hotel style studio and contact us for rent. 

2- High Rise Studio Apartment Downtown Toronto

Another affordable month to month rental in Toronto is this studio apartment located on the 40th floor of a skyscraper in Temperance Street. It has capacity for two guests, with one comfortable king-size bed separated from the living room, giving it more privacy for resting during night. 

Sofa, large TV, kitchenettes, coffee maker, toaster, and toiletries are among the amenities and facilities of this short rental in Toronto. 

Read more about this condo in Entertainment District

3- Penthouse in DownTown Toronto

If you are traveling with your family, penthouses in Toronto are great options for your short term monthly rentals Toronto. This 3-bedroom penthouse is located on Fort York Boulevard in downtown Toronto.

All the rooms are furnished with high-end furniture. Furthermore, the design is so luxurious and modern, guaranteeing a wonderful experience in Toronto. You will have all the necessary equipment for a living if you want to rent this penthouse for one or two months. 

high-end 3-bedroom penthouse in Toronto

Additionally, the price of this luxury, well-equipped penthouse is far cheaper than the price of a 4-star hotel in Toronto, such as Sheraton Centre Toronto. Therefore, you will have more budget to take a trip around Toronto or visit one of the small towns near Toronto

4- Furnished Studio Apartment in Core Downtown 

With a separated bedroom, this furnished studio apartment in downtown Toronto is one of the best month to month rentals in Toronto. Located on the 25th floor, you will have a mesmerizing view of the city. 

Additionally, this compact apartment houses all your required facilities and equipment, including comfortable bed, sofa, dining table, laundry machine, hair dryer and toiletries, coffee maker, fully-equipped kitchen, an iron, and etc.

furnished month to month rentals Toronto

Want to breathe some air? Enjoy the city view from its small balcony. 

Check out the price of this furnished studio apartment in Downtown and contact us for further information. 

5- Premium Apartment by Hilton

You can compare this premium studio apartment with Hilton hotel Toronto rooms. Both are well-equipped and include high-quality facilities. However, if you want a more affordable option with 4-star facilities, this studio in Temperance Street is a great option for your monthly rent Toronto. It is located on the 50th floor with a wonderful view of the city. The district is one of the best neighborhoods of Toronto with great access to all around the city.

This premium apartment has a modern style with a separate bedroom, and a small living room that is connected to the kitchen. It houses two guests. 

Read more about the prices of monthly rental of this studio in Toronto

Final Thoughts

As you can see, staying at a studio apartment or penthouse is more affordable than hotels, especially if you look for month to month rentals Toronto. Finding a short-term rental in Toronto is easy. You only need to check out the studio rental websites in Toronto, like Tirbnb, to find the perfect place for a temporary living in Toronto. 


How Much is Rent in Toronto Per Month?

The cost of month to month rentals Toronto is different based on their location, size, or equipment. Unfurnished studio apartments are usually cheaper than furnished rentals. However, the average monthly rent for a studio apartment in Toronto is around $2,200 per month.

How Long is a Short Term Rental in Toronto?

A short term rental in Toronto can vary in length, but typically refers to a stay of less than one year. Short term rentals can range from a few days to several months.

What is the Average Rent for Furnished Accommodations in Downtown Toronto?

Changes from $4000 to $7500 depending on location, floor, and season.

Can You Rent Month to Month in Ontario?

Yes, it is possible to rent month-to-month in Ontario. Some landlords and rental agencies offer flexible lease terms, including month-to-month rentals. However, these may be less common than longer-term leases.

How Much Should My Salary Be to Live in Toronto?

The cost of living in Toronto can vary based on individual circumstances and lifestyle choices. However, to comfortably afford living in Toronto, it is generally recommended that your salary should be sufficient to cover expenses such as rent or mortgage, utilities, transportation, groceries, and discretionary spending. As a rough estimate, a salary that allows for these expenses plus savings and spending might range from $50,000 to $80,000 annually.

What is the Cheapest Way to Live in Toronto?

The cheapest way to live in Toronto may include finding roommates or shared accommodations, cooking at home instead of eating out, using public transportation instead of owning a car, and taking advantage of free or low-cost activities and events around the city. Additionally, considering living outside of the downtown core can also result in lower costs.

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