London Ontario apartment rents soared by more than 25 per cent over the past year, one of the largest increases in big-city Canada, a new market snapshot shows.
Asking rents for a one-bedroom unit sat at $1,767 in March, according to Rentals.ca, a website used by landlords to advertise their units.
That’s a 27.3 per cent jump from a year ago, and the second largest in Ontario, only behind Brampton’s 28.7 per cent.
It was a similar story in the two-bedroom segment of the market.
In London, such apartments, the most common type of unit, are hitting the market at an average price of $2,119 or 24.3 per cent higher than a year ago.
Several factors have been in play helping accelerate rents in the city.
Key among them is London’s population growth, Ontario’s fastest between 2015 and 2021, according to the latest census data.