According to Rentals.ca and Bullpen Research & Consulting’s latest National Rent Report, the average rent for all Canadian properties listed on Rentals.ca in March was $1,818 per month, increasing 6.6 percent annually, according to the Rentals.ca and Bullpen Research & Consulting’s latest National Rent Report.
Bullpen Research & Consulting and Rentals.ca expect rents to rise as the country returns to normal. But it remains to be seen how inflation, supply chain issues, the effects of BA.2 and other sub-variants of omicron, and the recent Bank of Canada rate changes will impact the economy and the rental market.
London average rents for all property types rose 18.3 percent year over year in March to $1,790.
London came in 26th on the list for average monthly rent in March for a one-bedroom at $1,332 and 25th for a two-bedroom at $1,687.
Year over year, the average monthly rent in March for a one-bedroom in London was up 15.8 percent and 4.8 percent for a two-bedroom.
Toronto finished second on the list of 35 cities for average monthly rent in March for a one-bedroom at $2,023 and average monthly rent for a two-bedroom at $2,776. In March, Toronto’s average rents for all property types rose 14.3 percent year over year to $2,326.
Ontario remains one of the most expensive provinces for median rent for all property types, with rents up 10.8 percent to $1,995 per month in March.
Studio units in Ontario are among the most expensive in terms of average rent per square foot at $3.72 in the first quarter of 2022
Quote:
“On an annual basis, tenants are looking at a rent over $100 more on average in March, compared to a year earlier, when the rental market was close to its lowest point during the pandemic. However, the pace of growth has cooled, with relatively flat rents over the last four months. Higher interest rates and a cooling ownership housing market could push more demand into the rental market this spring.”
— Ben Myers, president of Bullpen Research & Consulting
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.
Please look to see if anything in the release or report piques your curiosity or news sense for any housing/renting/real estate stories or adds information for a story already in the works.
We have provided graphics and charts to help explain and visualize our rental data, and we will send higher resolutions charts if requested.
If you have any questions or need more information, don’t hesitate to contact me, or I can put you in touch with Ben Myers or Matt Danison.
Note: The above was posted by: Paul Danison at paul@rentals.ca Wednesday, April 20, 2022
