The rental market in Toronto is a scary place. Prospective renters with modest budgets are bound to feel a sense of impending doom when trying to find something decent.

This week, I set my monthly rent limit at $1,700. That shouldn't make apartment hunting too hard, but I still scrolled through pretty much every apartment in the available range on various rental sites without finding any superb deals.

There were, of course, plenty of one bedroom condos at the top end of the range, but that's not exactly cheap for a 600-square-foot space. Let's say your rental budget is under $1,000 a month. In Toronto, that means you might be looking for a roommate.

This basement apartment is a pretty good example of what you can get for a decent-sized space in the $1,500 to $1,700 range. Yes, it's subterranean, but natural light does get in. With two bedrooms, on-site laundry, and a back deck, it'll comfortably house two people.

With the Regent Park revitalization nearing its final stages, the surrounding neighbourhood has many new amenities to offer.

Specs

• Address: 32 Gifford St.
• Apartment type: Basement apartment
• Rent: $1,650
• Utilities: Included
• Bedrooms: 2
• Bathrooms: 1
• Parking: Street
• Laundry? In suite
• Outdoor space? Deck and garden
• Pet friendly? Not specified

Good For

A couple who need a second bedroom/office space or roommates looking to get their monthly rental costs below the $1,000 mark and who are excited by the prospect of living in a neighbourhood that's in the midst of a major transformation.

Move On If

You hate basements. All things considered, this one is pretty good in terms of light exposure, but being underground is often a deal breaker.