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 rent3091 DUFFERIN STREET, Toronto (Yorkdale-Glen Park), ON M6A0C4
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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 $300Base rentPARKING - 55 MERCER STREET, Toronto (Waterfront Communities), ON M5V0W4
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Studio $250Base rentPK09 - 25 BEDFORD ROAD, Toronto (Annex), ON M5R2K1
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Studio $280Base rentP2 07 - 220 VICTORIA STREET, Toronto (Church-Yonge Corridor), ON M5B1V8
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Studio $200Base rent225 SUMACH STREET, Toronto (Regent Park), ON M5A0P8
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Studio $199Base rentP2-B34 - 25 NEIGHBOURHOOD LANE, Toronto (Stonegate-Queensway), ON M8Y0C4
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Studio $200Base rentPARKING - 5858 YONGE ST STREET, Toronto (Newtonbrook West), ON M2M0C6
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Studio $200Base rent121 ST. PATRICK ST., Toronto (Kensington-Chinatown), ON M5T0B8
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Studio $200Base rentP114 - 11 WELLESLEY STREET W, Toronto (Bay Street Corridor), ON M4Y0G4
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Studio $250Base rentPARKING - 195 MCCAUL STREET, Toronto (Kensington-Chinatown), ON M5T0E5
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Studio $200Base rentP4-334 - 386 YONGE STREET, Toronto (Bay Street Corridor), ON M5B0A5
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Studio $280Base rent7 GRENVILLE STREET, Toronto (Bay Street Corridor), ON M4Y1A1
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Studio $200Base rentP2 - 770 BAY STREET, Toronto (Bay Street Corridor), ON M5G0A6
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Studio $350Base rentPARKING AND LOCKER - 100 DALHOUSIE STREET, Toronto (Church-Yonge Corridor), ON M5B0C7
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Studio $250Base rent209 - 832 BAY STREET, Toronto (Bay Street Corridor), ON M5S1Z6
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Studio $400Base rentP3-68 - 155 YORKVILLE AVENUE, Toronto (Annex), ON M5R0B4
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Studio $175Base rentP3-28 - 38 JOE SHUSTER WAY, Toronto (South Parkdale), ON M6K0A5
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1 bd $250Base rentPARKING - 290 ADELAIDE STREET W, Toronto (Waterfront Communities), ON M5V0P3
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Studio $200Base rentPARKING SPOT - 11 ST JOSEPH STREET, Toronto (Bay Street Corridor), ON M4Y3G4
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Studio $300Base rentPARKING - 47 MUTUAL STREET, Toronto (Church-Yonge Corridor), ON M5B0C6
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Studio $250Base rentPARKING SPOT - 57 ST JOSEPH STREET, Toronto (Bay Street Corridor), ON M5S0C5
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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 10 Aug 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
Are you looking for a smart space where you can easily combine comfort with convenience? You will surely find the property that perfectly fits your needs with this variety of options. RentCafe offers you 25 apartments for rent in Toronto, ON from 25 modern buildings, so you’ll certainly find something suitable for you. If you want to live alone or with your partner, you might want to look for a studio or browse through our selection of 1 bedroom apartments. If you need more space but you don’t want to spend more than necessary on a monthly rent, check out our 2 bedroom or 3 bedroom apartments for less than $500, and make the most out of your budget.
Finding the best rental near you
Toronto, ON is an amazing place to call home, with several rentals under $500 for you to choose from. There are many options and filters you can apply to your search to make the process easier and to find your next apartment faster and more efficiently. Asking yourself ‘are there any cheap apartments near me’? With our helpful filters, you can easily find the home of your dreams that also fits within your budget. With rent prices as low as $130 in Toronto, ON, you can find affordable and appealing apartments that match your requirements. Sort your search by ‘Rent’ ascending to see the cheapest ones at the top of the list. As soon as you find your perfect apartment, make sure to contact the property to check for availability or apply online directly on RentCafe.