Apartments for Rent in Toronto, ON under $500
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Studio $130Base rent1 SPRINGHURST AVE., TORONTO, ON M6K 1A8Pet friendly -
1 bd $240Base rentPARKING - 125 BLUE JAYS WAY, Toronto (Waterfront Communities), ON M5V0N5
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Studio $150Base rent800 LAWRENCE AVENUE W, Toronto (Yorkdale-Glen Park), ON M6A0B1
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Studio $300Base rentB-33 - 308 JARVIS STREET, Toronto (Church-Yonge Corridor), ON M5B0E3
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Studio $150Base rent3091 DUFFERIN STREET, Toronto (Yorkdale-Glen Park), ON M6A0C4
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Studio $280Base rentP2 07 - 220 VICTORIA STREET, Toronto (Church-Yonge Corridor), ON M5B1V8
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Studio $250Base rentPK24 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $250Base rentPARKING - 195 MCCAUL STREET, Toronto (Kensington-Chinatown), ON M5T0E5
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Studio $250Base rentPK09 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $300Base rentPARKING - 55 MERCER STREET, Toronto (Waterfront Communities), ON M5V0W4
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Studio $180Base rent30 OLD MILL ROAD, Toronto (Kingsway South), ON M8X0A5
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Studio $280Base rent7 GRENVILLE STREET, Toronto (Bay Street Corridor), ON M4Y1A1
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Studio $250Base rentPK16 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $250Base rentPK08 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $250Base rentPK04 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $200Base rentP2 - 770 BAY STREET, Toronto (Bay Street Corridor), ON M5G0A6
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Studio $250Base rent209 - 832 BAY STREET, Toronto (Bay Street Corridor), ON M5S1Z6
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Studio $250Base rentPK22 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $199Base rentP2-B34 - 25 NEIGHBOURHOOD LANE, Toronto (Stonegate-Queensway), ON M8Y0C4
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Studio $175Base rentP3-28 - 38 JOE SHUSTER WAY, Toronto (South Parkdale), ON M6K0A5
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1 bd $220Base rentPARKING - 290 ADELAIDE STREET W, Toronto (Waterfront Communities), ON M5V0P3
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Studio $250Base rentPARKING SPOT - 57 ST JOSEPH STREET, Toronto (Bay Street Corridor), ON M5S0C5
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Studio $300Base rentPARKING - 47 MUTUAL STREET, Toronto (Church-Yonge Corridor), ON M5B0C6
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Studio $280Base rentP4 - 1904 HARBOUR STREET, Toronto (Waterfront Communities), ON M5J0B5
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Frequently asked questions
When were prices and availability in Toronto, ON last updated?
Prices and availability in Toronto, ON were last updated on 21 Jul 2026.
What are the best apartments in Toronto, ON?
The best apartments in Toronto, ON are: 390 Queens Quay West, 25 St. Mary Street, 196 Eglinton Avenue East, 2700 Bathurst Street and 10 Walmer Road.
Renting apartments in Toronto, ON under $500
Searching for apartments for rent in Toronto, ON under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Toronto, ON, where the average rent is $239 per month, there are 24 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.
We’ll help you find the cheapest rental near you
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Toronto, ON. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Toronto, ON going for $130 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.