The average rent for Canadian properties in November 2019 was $1,918 per month, an increase of 9.4% annually.
London finished 19th of 34 cities listed for average monthly rent in November for a one-bedroom home at $1,219 and for average monthly rent for a two-bedroom at $1,575.
But London rentals are increasing and will continue to go up as Toronto residents flee the high cost of housing looking for more space and less expensive rents in cities such as London outside the GTA.
Of 15 Ontario cities listed, London was the most affordable with only St. Catharines and Kitchener rental markets less expensive.
After two years of unprecedented rent growth, Rentals.ca and Bullpen Research & Consulting are predicting moderate rent increases across Canada next year.
Their forecast is for average monthly rents for Canada to increase by 3% in 2020.
For certain cities, their forecast for rents for 2020 is: Toronto up 7%; Montreal up 5%; Ottawa up 4%; Vancouver up 3%; and Calgary and Edmonton down 1%.
Toronto remains the priciest city for renters for a one-bedroom home with average monthly rent at $2,314, while Vancouver has the most expensive average monthly rents for a two-bedroom topping the $3,000 mark at $3,058.
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 Canada. This month’s report charts rents for 34 cities across Canada.
We have provided 16 graphics/charts to help explain and visualize our rent data. If you wish to use any of the graphics, I can email you the higher resolution versions.
If you have any questions or need more information, please contact me, or I can put you in touch with Matt Danison and/or Ben Myers.