Average Rent in Richmond Hill for 2027: Condos, Houses and Basements

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — Leased condo and townhouse rents for Richmond Hill by bedroom count, compared with Markham and Vaughan, plus how to price houses and basements.

This guide is for tenants looking in Richmond Hill and for owners deciding what to charge in 2027. You will see the latest leased rents by home type and bedroom count, how Richmond Hill compares with Markham and Vaughan, and how to price a house or basement when no official number exists.

What is the average rent in Richmond Hill right now?

The most recent quarterly figures come from TRREB’s Rental Market Report for Q2 2026 (April to June). It counts leases signed through the TRREB MLS system. When I checked TRREB’s rental page on 5 November 2026, Q2 was still the latest report posted.

• One-bedroom condo: $2,310 a month, from 182 leases.
• Two-bedroom condo: $2,910 a month, from 127 leases.
• Two-bedroom townhouse: $2,799 a month, from 31 leases.
• Three-bedroom townhouse: $3,158 a month, from 25 leases.

Richmond Hill’s one-bedroom condo average was slightly above the average for all TRREB areas ($2,273). Its two-bedroom average was a little below ($3,013). Compared with Markham and Vaughan, Richmond Hill had the highest one-bedroom and two-bedroom condo rents in Q2 2026.

These are leased averages, not asking rents. A listing shows what a landlord hopes to get. A lease shows what a tenant agreed to pay.

How much is a condo for rent in Richmond Hill compared with Markham and Vaughan?

Most rentals leased through the MLS in Richmond Hill are condo apartments. In Q2 2026, 429 condo apartments were listed for rent in Richmond Hill and 320 were leased.

Source: TRREB Rental Market Report, Q2 2026 (average lease rates, condominium apartments, municipality level). Three-bedroom samples are small.

The gap is real but modest. A one-bedroom in Richmond Hill cost about $180 a month more than in Vaughan, and a two-bedroom about $244 more. For many tenants, the choice comes down to commute and building, not the city line.

Across the GTA, TRREB reported average one-bedroom condo rents down 2.3% from a year earlier in Q2 2026, and two-bedroom rents down 1.7%. More units were listed than leased in Richmond Hill, which gives renters room to negotiate.

How much does a townhouse rent for in Richmond Hill?

TRREB’s Q2 2026 report counted 59 townhouse leases in Richmond Hill out of 90 listed. Two-bedroom townhouses averaged $2,799 and three-bedrooms $3,158. Only three one-bedroom townhouses leased, so that figure is too thin to use.

For comparison, three-bedroom townhouses averaged $3,290 in Markham and $3,292 in Vaughan in the same quarter. So Richmond Hill’s townhouse rents were a little lower than its neighbours, even though its condo rents were higher. If you need three bedrooms on a budget, a townhouse in Richmond Hill can cost less per bedroom than a large condo.

What do purpose-built apartments rent for in Richmond Hill?

CMHC surveys purpose-built rental buildings every October. It reports Richmond Hill together with Vaughan and King as one zone, so these are not Richmond Hill-only numbers. Its averages run lower than TRREB’s because they include long-time tenants on rent-controlled leases.

Source: CMHC Rental Market Survey, October 2025, Toronto CMA zone 25 (Richmond Hill, Vaughan and King combined).

The vacant-unit column is what a new tenant actually faces. A vacant two-bedroom averaged $2,442, about $615 more than the all-unit average. That gap is why tenants with older leases rarely move. CMHC also put rented condo apartments across York Region at $2,401 for a one-bedroom and $2,845 for a two-bedroom in October 2025, close to TRREB’s lease figures.

How much does it cost to rent a house in Richmond Hill?

No public report gives an average rent for a detached house in Richmond Hill. TRREB’s rental report covers condo apartments and townhouses. CMHC covers purpose-built apartments and rental townhouses. A single “average house rent” you see online usually comes from a listing site’s own asking prices, so check the source and the month.

A practical way to estimate a house rent:

1. Anchor on the three-bedroom townhouse average of $3,158. A detached house with the same bedrooms normally has to rent above that to make sense for the owner. That is my experience, not a published statistic.
2. Ask for leased comparables. A licensed agent can pull houses actually leased nearby in the last three to six months, with the same bedrooms, parking and basement status.
3. Separate the basement. If the house has a basement unit, the rent for the whole house and the rent for the main floors alone are very different numbers. Make sure your comparables match.

On the value side, the median detached house in Richmond Hill sold for $1,485,000 from January to October 2026, down 8.9% from the same months of 2025 (TRREB MLS data via REALM). At that price, rent covers only part of the carrying cost for most owners with a mortgage.

How much is a basement apartment in Richmond Hill?

No official source publishes basement apartment rents for Richmond Hill. TRREB does not separate them, and CMHC’s survey does not include them. I would rather tell you that than invent a number.

You can still set a sensible range:

• Upper check: the one-bedroom condo lease average of $2,310 (Q2 2026). A basement unit without amenities, in-suite laundry or a lot of natural light usually has to come in under this to lease quickly.
• Lower check: CMHC’s all-unit one-bedroom figure of $1,583 for the Richmond Hill, Vaughan and King zone. That number is held down by long-term tenancies, so a vacant unit will rent higher.
• What moves the price: ceiling height, window size, a separate entrance, parking and whether utilities are included.

Ask the landlord whether the unit has a building permit and passed inspection. A legal second unit has been checked for fire separation, smoke alarms and safe exits. My guide to buying a house with a basement apartment explains why the legal status matters for owners too.

Is it cheaper to rent or own in Richmond Hill?

A quick test is the gross rent-to-price ratio: one year of rent divided by the purchase price. It ignores all costs, so it overstates the real return.

• Condo apartment: the median sold price was $529,250 from January to October 2026, down 8.8% from 2025. At the one-bedroom lease average, that is about 5.2% gross a year. At the two-bedroom average it would be higher, but the median mixes unit sizes.
• Condo townhouse: the median was $690,000, down 15.6%. At the three-bedroom townhouse lease average, that is about 5.5% gross.
• Freehold townhouse: the median was $1,040,000. The same rent gives about 3.6% gross.

Subtract property tax, condo fees, insurance, repairs and mortgage interest, and renting is usually cheaper month to month than owning the same home today. Owning builds equity over time; renting keeps cash free. My rent or buy guide for the GTA in 2027 runs the full comparison, and the Markham and Richmond Hill housing market outlook covers prices.

Will Richmond Hill rents go up in 2027?

There is no reliable forecast for Richmond Hill rents alone. Here is what the published sources said as of November 2026:

• Rentals.ca and Urbanation reported a national average asking rent of $2,034 in September 2026, down 4.2% from a year earlier. Ontario rents were down 4.8%.
• TRREB said rental conditions should keep favouring renters in the near term, but noted that leases grew faster than listings in Q2 2026, which could tighten the market gradually.
• For sitting tenants in rent-controlled units, Ontario’s guideline caps 2027 increases at 1.9%. My post on whether a landlord can raise rent every year explains the timing rules.

My view, and it is only that: Richmond Hill lease rates in 2027 are more likely to hold near 2026 levels than to jump, because more condos were listed than leased in Q2 2026 and that cushion takes time to absorb. Watch TRREB’s next quarterly reports before you lock in a number.

How do you negotiate rent in Richmond Hill?

Bring leased numbers, not listings. If a building has several units listed at once, the landlord with the oldest listing usually has the most room to move. Ask what is included: parking, a locker, internet or utilities can be worth $100 to $300 a month to you. Offer a clean application and a firm start date in exchange for a lower rent. A landlord values certainty.

What to do next

1. Pick your home type and bedroom count and note the matching Q2 2026 average from the tables above.
2. Ask for leased comparables from your building or street from the last three to six months.
3. Confirm whether the unit was first occupied before or after 15 November 2018, so you know if the 1.9% cap applies.
4. If you are an owner weighing renting against selling, get a current value for your home and compare it with the rent it would earn.
5. Check TRREB’s rental page in early 2027 for the Q3 and Q4 2026 reports.

Frequently asked questions

Sources

• TRREB Rental Market Report, Q2 2026 (PDF)
• TRREB: Rental Market Report page (latest report listed, checked 5 November 2026)
• CMHC Rental Market Report data tables, Toronto CMA 2025 (zone 25 Richmond Hill/Vaughan/King; York Region condos)
• BNN Bloomberg / Canadian Press: Average asking rents fall 4.2% in September (Rentals.ca and Urbanation), 7 October 2026
• Government of Ontario: Residential rent increases

Related reading

• Can My Landlord Enter Without Notice in Ontario?
• Can a Landlord Evict You Without Going to the LTB in Ontario?
• Can My Landlord Raise the Rent Every Year in Ontario? 2027 Rules
• Can a Landlord Put Security Cameras in or Outside a Rental in Ontario?