April asking rent prices up 9.3% across Canada; as Ontario sees only decline: report

April asking rent prices up 9.3% across Canada; as Ontario sees only decline: report

A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.

The report by Urbanation and Rentals.ca, which analyzes monthly listings from the latter’s network, says the average asking rent for all home types was $2,188 last month.

The annual growth rate accelerated from an 8.8 per cent increase recorded the previous month. Asking rents were up 0.3 per cent month-over-month.

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,915 in April, up 11.6 per cent from a year ago, while the average asking price for a two-bedroom unit was $2,295, up 11 per cent from April 2023.

Overall, asking rents for purpose-built rental apartments in April increased 13.1 per cent compared with a year earlier to reach an average of $2,124. Condominium apartment rents averaged $2,331, up 3.8 per cent.

All provinces recorded month-over-month and year-over-year increases in asking rents, except for Ontario where rents decreased 0.3 per cent monthly and 0.7 per cent annually to an average of $2,404.

This report by The Canadian Press was first published May 10, 2024.

The Canadian Press