The fact that Toronto rent prices are easing up ever so slightly doesn't really mean much given that we're still the third-priciest place for tenants in the entire country, and a new report is shedding light on how costly even less desirable apartments in the city can be.

Basements are not often at the top of renters' lists, given their lack of natural light, low ceilings and potential for everyday noise disturbances from above. However, they are usually a far cheaper alternative to other units of the same size.

Unfortunately for people in and around Toronto, even subterranean flats are going for a pretty penny — as much as $2,600, on average, in some neighbourhoods.

The team at local listing site Wahi did the math to find where homeowners stand to make the most passive income from renting out their basement apartments, sharing a list of the best neighbourhoods in the GTA — which are also the wost ones for tenants looking for a deal.

The most expensive locale is, predictably, old Toronto, where the median monthly rental income for a basement unit is the aforementioned $2,600, making for an annual rental yield of $31,200 total.

Next on the list is East York, where the standard basement unit costs $2,450 per month, for a total of $29,400 a year. Rounding out the top five are York ($2,350 a month), Etobicoke ($2,300 a month) and Oakville ($2,200 a month). The study also provides average home prices so would-be landlords can see where they can get the most bang for their buck.

As Wahi writes, "the highest potential monthly rental income is only part of the investment equation," giving the example of Oshawa, where "the median monthly rent of $1,875 is the third-lowest in the GTA" but the median sale price is also the lowest in the region by over $200,000, making for a better investment.

The cities with the highest rent prices in proportion to the sale price were Oshawa, York, East York, Ajax and Scarborough.